Payless ShoeSource will not close its Salina Central Mall location.
The Topeka-based company announced Tuesday that it had it filed for Chapter 11 bankruptcy protection. As part of the filing, the company said it would immediately close up to 400 its more than 4,400 stores. The company released a list of stores to be closed Wednesday morning.
The company closed four Kansas stores, including locations in Emporia, Great Bend, Hutchinson and Liberal.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” W. Paul Jones, Payless Chief Executive Officer, said at the time of the bankruptcy announcement. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”
Under the Chapter 11 plan, the company says it will strengthen its balance sheet and restructure Payless’ debt load. It will invest specific areas that Payless believes will provide sustainable growth including product and inventory initiatives and international expansion in Latin America.
At their Topeka headquarters, the company laid off 110 employees in January, and recently eliminated more than 20 IT positions.
Payless becomes the latest retailer to seek bankruptcy protection. In recent months, other retailers such as Radio Shack and Vanity have also filed for bankruptcy.
To see the complete list of stores to be closed, click here.