Payless, the struggling discount shoe chain, is preparing to file for bankruptcy as soon as next week. Insiders say the company is initially planning to close 400 to 500 stores as it reorganizes operations.
Payless had originally looked to shutter as many as 1,000 locations, and the number may still be in flux.
The retail industry is racing to try to adapt to more online purchasing and a shift away from mall shopping.
Source: Bloomberg