Payless ShoeSource is the latest retailer to file for Chapter 11 bankruptcy protection, adding its name to a growing list of chains that have struggled to compete against online and off-price retailers.
As part of the filing, Payless will close nearly 400 stores as it attempts to boost its balance sheet and restructure its debt load. The company currently has more than 4,400 stores in more than 30 countries, according to its website.
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