Payless ShoeSource files for bankruptcy - KWWL - Eastern Iowa Breaking News, Weather, Closings

Payless ShoeSource files for bankruptcy

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Payless ShoeSource files for bankruptcy, according to CNBC.  There are 4 locations in the KWWL viewing area in Waterloo, Cedar Rapids, Dubuque and Coralville.

As part of the filing, Payless will close nearly 400 stores as it attempts to boost its balance sheet and restructure its debt load.

"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 in a statement.

Speculation had been building that Payless would soon file Chapter 11 due to its crushing debt load and weak sales.

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