Payless Shoesource is closing 11 stores in Massachusetts, part of the Kansas-based discount-shoe retailer's plan to shutter 400 stores after the company filed for bankruptcy protection.
Payless has over 4,000 stores in 30 countries, including about 38 in the Bay State. MarketWatch reported that the company plans to reduce its debt by 50 percent and has entered into agreements with certain lenders to gain access to $385 million of debtor-in-possession financing.. . . more