Payless could close 1,000 stores

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February 10, 2017 4:46 PM

Payless could close as many as 1,000 stores as part of a debt restructuring plan.

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Payless may be the latest victim of the decline of malls across America.

The discount shoe retailer could close as many as 1,000 stores as part of a debt restructuring plan, sources told Bloomberg. Currently, Payless has about 4,400 locations worldwide, including 3,600 in North America.

If Payless can't reach a deal with creditors the retailer may consider filing for bankruptcy, Bloomberg's and reported Friday.

In January, Reuters reported that Payless was working with attorneys to restructure debt worth roughly $655 million. Later in the month, Payless laid off 165 associates, including 110 employees at the Topeka corporate office, The Topeka-Capital Journal reported.

Payless, like many other retailers, is hurting from a decline in foot traffic to shopping malls.

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