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Playless Shoe Source is one of the most recent companies to file for bankruptcy. The bargain shoe chain has become the latest retailer to plummet in sales to the increasing competition from online retailers. Payless filed for Chapter 11 bankruptcy protection on Tuesday.
The Topeka, Kansas Company said that it will immediately close 400 stores across the U.S. and Puerto Rico as part of its reorganization.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” Payless Chief Executive Paul Jones said in a statement.