Payless Shoesource files for bankruptcy, to close hundreds of stores

Payless Shoesource Inc. has filed for Chapter 11 bankruptcy.
The privately owned shoe chain based in Topeka, Kansas, will close 400 locations, CNBC reported. Payless has over 4,000 stores in 30 countries, including about 14 in the Austin metro area, according to its website. The company is expected to release a list of stores to be closed within a few days. MarketWatch reported that the company plans to reduce its debt by 50 percent and has entered into agreements with certain lenders to gain access…

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