February 19, 2019 / 4:48 AM / a year ago

Payless ShoeSource files for Chapter 11 bankruptcy protection

Feb 18 (Reuters) - U.S. discount retailer Payless ShoeSource Inc filed for voluntary Chapter 11 bankruptcy protection along with its North American subsidiaries on Monday and said it will wind down all North American stores by the end of May.

The company said it will close about 2,500 stores in North America starting from the end of March and wind down its e-commerce operations.

The retailer listed both assets and liabilities in a range of $500 million to $1 billion in a filing in the U.S. Bankruptcy Court for the Eastern District of Missouri. (Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Subhranshu Sahu)

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