Following announcements from formerly prominent brick-and-mortar retail stores such as GameStop , Kmart and Sears , Payless ShoeSource has become the latest retailer in the Hudson Valley to announce that it will be shuttering its doors nationwide.
According to multiple reports, the popular shoe chain store has filed for Chapter 11 bankruptcy protection, as retailers continue to encounter pressure and struggles from online competition.
The company announced on Tuesday that nearly 400 stores would be immediately closed as they reorganize. It is estimated that there are nearly 4,500 Payless locations in more than 30 countries around the world. In a statement, officials with Payless said it will attempt to reduce its debt by half and attempt to increase its e-commerce presence.
The Yorktown Green Shopping Center Payless is among those that are now scheduled to close.
Later developments involving the company may affect locations in the Cortlandt Town Center, Palisades Center, Crossroads Shopping Plaza, Rockland Consumer Plaza, Burlington Shopping Center and The Galleria At White Plains.
“This is a difficult, but necessary, decision, driven by the continued challenges of the retail environment, which will only intensify,” Payless chief executive W. Paul Jones said in a statement. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”
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