Report: Footwear chain eyes Chapter 11, shutters stores

Payless could be the newest retailer headed toward bankruptcy.



The struggling retailer could file for bankruptcy as soon as next week. In the meantime, Payless is already making plans to reorganize operations by shuttering stores, according to Bloomberg.



According to sources in the report, the chain is initially planning to close 400 to 500 stores. Originally, sources said the chain considered closing as many as 1,000 locations, but the number is still being determined.



The company, which was founded in 1956 in Topeka, Kansas, employs almost 22,000 people, and operates more than 4,000 stores in 30 countries.



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