Payless ShoeSource Could be Closing Hundreds of Stores

According to a Bloomberg report, Payless ShoeSource is preparing to file for bankruptcy protection and could close as many as 500 stores.

So far, there has been no word from the company about which stores would be closed.

There are three Payless ShoeSource stores in Sioux Falls. One on East 10th Street, one near the Empire Mall and another in the mall. There are also Payless sections in Sioux Falls' two Shopko stores. There are also stores in Brookings, Watertown, Yankton, and Rapid City.

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The discount shoe store chain calls itself "the largest specialty family footwear retailer in the Western Hemisphere." The company started in Topeka, KS in 1956. Still based in Topeka, Payless has almost 22,000 employees worldwide.  The component is currently owned by Golden Gate Capital and Blum Capital Partners.

Source: Bloomberg.com

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