Discount shoe chain Payless Inc. may file for bankruptcy as soon as next week, Bloomberg reports.
According to AL.com, the store, which has nearly $665 million worth of debt, will file for Chapter 11 bankruptcy protection. Doing such allows Payless to remain in control of and restructure its operations under court oversight.
As part of that restructuring plan, the company is planning to close 400 to 500 stores, though that number is subject to change, Blomberg said.
Founded in Topeka, Kansas, in 1956, the company said they employ almost 22,000 people and have more than 4,000 stores worldwide.
Two of those stores are located in Tuscaloosa, Alabama, – one in the University Mall and the second on Skyland Boulevard.
