Several stores in both Fairfield and Westchester County will be closed as a result of discount shoe chain Payless Inc.”™s following through on its expected filing for bankruptcy. Along with two Hong Kong-based entities involved in logistics, CBL, and supply chain, DAL, the company has filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri as part of a financial and operational restructuring that will include closing 400 stores.
Among those stores are Fairfield County locations in Newtown, Norwalk and Stamford, and Yorktown Heights in Westchester. Numerous stores throughout New York City are also being shuttered.
The filing says that the company, based in Topeka, Kansas, has as much as $1 billion in assets and up to $10 billion in liabilities, along with more than 100,000 creditors.
“We intend to use the Chapter 11 process to implement a comprehensive path forward to meaningfully enhance our growth profile and profitability, positioning us to continue to thrive as a sustainable business in the face of the retail industry”™s radical, unprecedented transformation,” the company said in a statement.
Payless operates about 4,400 stores in 30 countries, including the U.S.
