Payless ShoeSource files for bankruptcy protection; closing 400 stores

Shoe chain Payless ShoeSource has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon.The Topeka, Kansas-based retailer said Tuesday that it will be immediately closing nearly 400 stores as part of the reorganization. It has over 4,400 stores in more than 30 countries and was founded in 1956.Payless plans to reduce its debt by almost 50 percent, lower how much it pays in interest and line up funds. The compa