Payless ShoeSource Files For Bankruptcy Protection

If you're in the market for new shoes, you may want to stock up now!

According to a press release, shoe chain Payless ShoeSource has filed for Chapter 11 bankruptcy protection.

The retailer on Tuesday said it will be immediately closing nearly 400 stores as part of the reorganization. The chain currently has over 4,400 stores in more than 30 countries.

Increasing competition from online rivals like Amazon and Ebay are credited for loss of revenue.

 

Thankfully none of Edmonton's 12 locations will be closing, but executives say more stores could be axed in the future.