After weeks of speculation, Payless ShoeSource on Tuesday confirmed that it has sought bankruptcy court protection as it looks to unload some of its crippling debt and close 400 stores in the hopes of making another go of it as a leaner store chain.
The company said in a press release that it had voluntarily
filed for Chapter 11 protection in bankruptcy court in St. Louis with a
plan to slash its debt by half and significantly lower its interest
expense on the way to an “expedited” exit from bankruptcy protection.
The company said it had less than $1 billion in assets but as much as
$10 billion in liabilities.. . . more