Payless Shoes Closing in Tuscaloosa

Payless Shoe said Tuesday that it has filed for bankruptcy and will immediately close 400 stores in the US and Puerto Rico.

They've been in talks with its lenders for months over a restructuring plan that at one point included closing as many as 1,000 stores, or a quarter of the company's locations.

Additional store closures are likely. The company said it planned to "work to aggressively manage the remaining" stores through additional closures — beyond the initial 400 — or modified lease terms.

The Tuscaloosa store is one of six stores that will be closing in the state of Alabama.

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