(Photo By Flickr User Mike Mozart)

Another retailer is facing hundreds of store closures after declaring Chapter 11 bankruptcy.

According to week.com, Payless ShoeSource locations will be  closing after chain files for bankruptcy.

Payless ShoeSource said nearly 400 stores across the U.S. and Puerto Rico, will shut their doors as part of a cost-cutting plan to reduce company debt.

Paul Jones, Payless CEO said,

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify. We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”

The closures could impact more than 2,000 employees.

If you want more details on this story, the company has a list of stores that will be posted at http://www.paylessrestructure.com/home/store-closures/