Payless Inc., the bargain shoe store, filed for bankruptcy to slash debt as the retail spiral persists.
The chain sought Chapter 11 protection in St. Louis, listing less than $10 billion in liabilities and less than $1 billion in assets.
The Topeka, Kan.s-based company employs almost 22,000 people, according to its website, and has more than 4,000 stores in 30 countries. In the weeks before the filing, it was said to be considering closing as many as 500 locations, Bloomberg News reported.
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