Credit: Tom Sofield/LevittownNow.com
After discount footwear chain Payless ShoeSource filed for bankruptcy protection Tuesday, they closed about 400 stores Wednesday morning.
The company said in documents that the store at Commerce Park in Bristol Borough would close immediately. The stores at the Oxford Valley Mall in Middletown and in Bristol Township’s Fairless Hills section would remain open. Other locations in the Neshaminy Mall, Philadelphia Mills, Warminster and Trenton will also keep their doors open.
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Payless officials said in documents and press statements that they have enough funding to pull together a reorganization plan. The overall plan, according to the company, will cut costs and make the company profitable.
A company website devoted to the financial problems said the “realities of today’s retail marketplace have caused us to need to close some stores.”
Payless filed a Chapter 11 reorganization petition in federal bankruptcy court. In its filings, the company has $10 billion in liabilities and $1 billion in assets, according to Fortune.com.
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As of this week, Payless operated more than 4,000 locations around the world.
