Payless files for Chapter 11 Bankruptcy

Payless files for Chapter 11 bankruptcy and will close 400 stores in the USA and Puerto Rico immediately. The retailer has 4,400 stores worldwide and has agreed to reduce its debt by 50% while securing $385M from existing lenders to secure operations.This is a prevailing trend as retail operators such as SEARS and JC Penny have been experiencing a rapid decline in sales due to consumers opting for cheaper and more convenient online shopping over malls.

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