Payless has filed for chapter 11 bankruptcy protection with an estimated $10 billion in liabilities. Payless is looking to close 400 of their retail location in America as soon as possible.
The CEO of the company W. Paul Jones made statements following the news of the store closings.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” he said in a news release. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”
Payless employees over 21,000 people international. With these store closings, a lot of people will be out of a job really soon.
Payless join a growing group of retailers that are also closing some of their store around the world.