Payless Shoes Files For Bankruptcy, To Close 400 Stores, Two In Wisconsin

After news broke Tuesday that Payless Shoes filed for Chapter 11 bankruptcy, the company released a list of 400 stores that will close immediately in the U.S. and Puerto Rico, including two in the metro Milwaukee area.

The company will close its Mayfair Mall location at 2500 N. Mayfair Road in Wauwatosa and its Milwaukee location at 320 E. Capitol Drive.

According to the Detroit News, The discount shoe store says the move will reduce its debt by up to 50% and says lenders have offered to make up to $385 million available to keep the company in business. The court filing says the company has assets listed in the $500 million to $1 billion range and liabilities in the $1 billion to $10 billion range.

The move didn't come as a surprise, as more consumers are moving away from traditional brick-and-mortar stores in favor of shopping online.

Click here for a complete list of closing stores.