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Payless ShoeSource has filed for bankruptcy and is closing 400 of its stores as part of its restructuring.
In Sioux Falls, the store at 3701 E. 10th St. will close. The locations in The Empire Mall and one free-standing site on the mall’s campus will remain open. Payless sites in Yankton and Brookings also will be eliminated. Rapid City will keep its store.
The Kansas-based company will be left with 4,000 stores in more than 30 countries.
Payless has filed for Chapter 11, which would allow it to reorganize its debt and continue operating. In the bankruptcy filing, the company said it has $1 billion in assets and $10 billion in liabilities.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” CEO Paul Jones said in a statement.
The company, which is privately held, was founded in 1956 in Topeka.
Payless ShoeSource has filed for bankruptcy and is planning to close 400 of its stores as part of its restructuring.