(NEWS CENTER) -- There will be fewer options when it comes to discounted shoes in Maine. Payless ShoeSource announced the company is filing for Chapter 11 bankruptcy protection. The company plans to close 400 stores, including four in Maine.
The stores set to close in Maine include the locations at The Shops at Biddeford Crossing in Biddeford, Aroostook Centre in Presque Isle, The Broadway Shopping Center in Bangor and the location at Maine Coast Mall in Ellsworth. The company says locations will stay open at The Maine Mall in South Portland, Main Street in Westbrook and on Stillwater Avenue in Bangor.
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According to the Associated Press, The Topeka, Kansas-based retailer has more than 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 company says some of its lenders have agreed make available up to $385 million to keep the stores running.