Payless ShoeSource Decides Fate of Cortlandt Store

CORTLANDT, NY — The Payless ShoeSource store in the Cortlandt Town Center will remain open, a survivor of the company's massive plan to close one in 10 of its stores and lay off thousands of employees. In the Hudson Valley, Payless stores in the Yorktown Green shopping center and in Harrison Commons in Monroe are closing.

In all, 23 Payless ShoeSource stores in New York are among the 400 that will immediately close as part of a debt restructuring deal, the family footwear retailer said Wednesday.

Payless announced Tuesday it has filed for Chapter 11 bankruptcy. The Kansas-based chain, founded in 1956, currently operates 4,400 stores in 30 countries, including 3,600 in North America.

In January, Reuters reported Payless was in debt to the tune of $655 million.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” Paul Jones, Payless Chief Executive Officer, said in a press release. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”

Paige McAtee (Patch Staff) contributed to this report
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