Payless ShoeSource placed in bankruptcy protection

Struggling US retailer Payless ShoeSource has been placed in bankruptcy protection.

Payless operates some 4000 stores globally and under Chapter 11 protection will immediately shutter between 400 and 500. As many as 1000 may be closed as part of the restructuring plan aimed at rescuing the 61-year-old company.

Payless ShoeSource is owned by Golden Gate Capital and Blum Capital Partners, who bought the business in 2012 as part of the break-up of Collective Brands. Headquartered in Kansas, it employs about 22,000 staff.

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