VIRGINIA BEACH, Va. — Payless Shoes is closing 400 stores, including two Hampton Roads locations, immediately after filing for Chapter 11 bankruptcy Tuesday.
The shoe retailer said the stores will close immediately.
The full list of closings in Virginia include:
- Haygood Shopping Center Virginia Beach, Va.
- Chesapeake Square Chesapeake Va.
- Tanglewood Mall Roanoke Va.
- Battlefield Shopping Center Leesburg Va.
- Virginia Center Commons Glen Allen Va.
- Chippenham Forest Square Richmond Va.
The company attributed the decision to decreasing sales and increased online competition.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” said Payless CEO Paul Jones in a statement.
Jones said the closings will reduce company debt by 50 percent. He went on to say the company will now make additional investments in online expansion to keep up with the growing marketplace.
The shoe retailer has around 4,400 stores in more than 30 countries.
Payless joins a list of retailers that have recently announced closings along with Sears, Kmart, HHGregg, JC Penney and Game Stop.