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Payless ShoeSource Headed for Bankruptcy?

This story piqued my interest because there is a Payless ShoeSource store next to our office. When I give directions to my office I say that I am across from the Post Office and most people have a general idea of where that is, but when I say I am next door to Payless ShoeSource a common response is, “I know exactly where you are!” So, given this seeming popularity I was surprised to read a report at mlive.com, based on a Bloomberg report, that Payless is planning on filing for Chapter 11 bankruptcy and closing 500 of their approximate 4,000-plus stores worldwide. The purpose of bankruptcy is to provide honest debtors who have fallen on hard times a fresh start. Hopefully, bankruptcy will provide Payless with the fresh start they need to get back on track and keep their Janesville store open.