April 5 (UPI) -- Payless ShoeSource Inc. has filed for bankruptcy and said it has a restructuring plan calling for the immediate closure of 400 stores.
The company, founded in 1956 with headquarters in Topeka, Kan., did not specify which of its 4,400 stores in over 30 countries it will close, but said in a statement Tuesday that additional closures could come as it works "to aggressively manage the remaining real estate portfolio."