Payless, the discount shoe retailer, will close its store in Biddeford as the company prepares to file for bankruptcy.
The store, located at The Shops at Biddeford Crossing, is among the nearly 400 under-performing stores that will close in the reorganization. Other Maine stores are closing in Presque Isle, Bangor and Ellsworth, according to the company’s website.
Stores at the Maine Mall and in Augusta, Westbrook, Auburn and Windham are not expected to be affected.
Payless ShoeSource filed for Chapter 11 bankruptcy protection Tuesday, becoming the latest retailer to succumb to increasing competition from online rivals. The Topeka, Kansas-based retailer said it will be immediately closing the under-performing stores. It has over 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 to make available up to $385 million to keep the stores running.
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