Discount footwear chain Payless ShoeSource is filing for Chapter 11 bankruptcy protection and will close 400 stores as part of a reorganization plan. The move comes after increasing competition from online rivals including Amazon.
One East Tennessee store is among those closing. The list of closing stores include the Maryville Commons location. Four other Tennessee locations will also close their doors.
The company did not give a closing date for the stores.
Payless was founded in 1956 in Topeka, Kan. It has more than 4,400 stores in more than 30 countries.
Payless said it also plans to shed debt, attract new capitol and boost its e-commerce efforts. In a statement, Payless CEO Paul Jones said, "This is a difficult, but necessary, decision driven by the continued challenges of the retail enviornment, which will only intensify."
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