The retail bankruptcy wave of 2017 claimed another victim Tuesday as Payless ShoeSource Inc. filed for Chapter 11 protection in St. Louis, blaming sliding sales and spiraling debt.
Three Am Law 200 firms have scored lead roles for Topeka, Kansas-based Payless, which is one of the world’s largest shoe retailers. The company listed between $1 billion and $10 billion in liabilities against assets ranging from $500 million to $1 billion in its bankruptcy filing. Payless hopes to shed up to 50 percent of its debt in Chapter 11 proceedings.
