Payless ShoeSource is another chain store looking to close some of it's locations.

Payless ShoeSource has just announced that it will close almost 400 of hits stores across the United Sates and Puerto Rico. In addition, the shoe chain has filed for Chapter 11 bankruptcy.

W. Paul Jones, the CEO released this statement:

"This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify."

Currently, the company maintains 4,400 stores and employs around 25,000 people across the globe in 30 countries.

The list of stores that will close is expected to be released sometime today (Wednesday, April 5).