Vineyard Plaza Payless among 400 closing

Shoe retailer’s decision to downsize coincides with Chapter 11 bankruptcy filing

The Eastlake Payless is one of 12 of the shoe retailer’s stores that are closing in Ohio.

Payless ShoeSource announced April 4 it was closing 400 “underperforming” stores in the U.S. and Puerto Rico.

The Eastlake store is the only one in Lake, Geauga or Cuyahoga counties that is closing. The store is in the Vineyard Plaza at 34298 Vine St.

Payless has filed a Chapter 11 reorganization petition in U.S. Bankruptcy Court in Missouri.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” CEO Paul Jones said.

In a news release, Payless said it would “aggressively manage the remaining real estate lease portfolio either by modifying terms, or evaluating closures of additional locations.”

The company also said it would invest in specific areas it believes will “provide sustainable growth,” including product and inventory initiatives and international expansion in Latin America and elsewhere.

The Topeka, Kansasbased chain has 4,400 stores in more than 30 countries and was founded in 1956.

Payless is one of a number of retailers that have filed for bankruptcy recently. Others include HHGregg, Wet Seal, The Limited and RadioShack.