Payless Shoesource announced Tuesday it filed for Chapter 11 bankruptcy and will close 400 stores immediately. The discount shoe chain has filed for Chapter 11 protection on less than $1 billion in assets and $10 billion in liabilities. In a statement, Payless CEO W. Paul Jones called this a "difficult, but necessary decision driven by the continued challenges of the retail environment." Payless is among the many retailers who have struggled from online shopping.
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