Payless ShoeSource announced Tuesday that is has filed voluntary Chapter 11 petitions in United States Bankruptcy Court and will be closing nearly 400 under-performing locations in the U.S.
The Payless locations in Sand Springs and Sapulpa are among twelve Oklahoma stores that will be closing as part of the restructuring.
Payless CEO Paul Jones commented, “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify.”
“We are confident that this process will also enable us to leverage Payless’s existing strengths to succeed,” said Jones.
Consumers will have full access through the Payless corporate website www.paylesscorporate.com to information about the location of stores at which they can shop if their current store is being closed, as well as information about going-out-of-business sales.
Payless is the largest specialty family footwear retailer in the Western Hemisphere, operating approximately 4,400 stores in more than 30 countries since its founding in Topeka, Kansas in 1956.