Payless has filed for bankruptcy
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Payless ShoeSource said Tuesday that it has filed for bankruptcy.
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The discount shoe chain filed for Chapter 11 protection on less than $1 billion in assets and $10 billion in liabilities.
Payless has been in talks with its lenders for months over a restructuring plan that includes shuttering as many as 500 stores, according to an earlier report by Bloomberg.
Initial reports said the retailer could close as many as 1,000 stores, or a quarter of the company's locations.
Payless has more than 4,000 stores in 30 countries and employs nearly 22,000 people.
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It was bought in 2012 by private equity firms Golden Gate Capital and Blum Capital partners.
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