IE Business Daily Business news for the Inland Empire.
Payless ShoeSource Inc. has filed for Chapter 11 bankruptcy protection and will close nearly 400 stores, including five in the Inland Empire.
The Topeka, Kan.-based chain, which has more than 4,400 stores and an estimated 25,000 employees worldwide, will shut down the stores as part of a reorganization, according to a statement released Tuesday.
The Inland Empire closings – among 49 stores scheduled to be shuttered in California – are at Inland Center Mall San Bernardino, Page Plaza in Hemet and Corona Hills Marketplace.
Stores at 10181 Magnolia Ave. in Riverside and 1570 W. Foothill Blvd. in Upland are also set to go out of business.
“We intend to use the Chapter 11 process to implement a comprehensive path forward … in the face of the retail industry’s radical, unprecedented transformation,” the company said in the statement.
Founded in 1956, Payless products include shoes, sandals, flip flops, water shoes and accessories, according to the company’s website.
Payless has joined a growing list of U.S. retailers that have seen their sales drop because of the internet, as more and more people buy clothes and other necessities online, especially via amazon.com.
