John Ingle

Times Record News

The Payless ShoeSource store in Sikes Senter will soon close as one of 378 the retailer plans to close after filing Chapter 11 bankruptcy recently.

The store in the mall has signs on windows and posted elsewhere indicating that all merchandise must be sold and that all sales are final. No specific date was provided by the company as to when the store will finally close.

"We do not have effective close dates for stores because it will vary store to store depending on the liquidation process," Meghan Spreer, a media relations representative for the company, said. "We have hired a third party to oversee the liquidation process for the closing locations, and that oversight will include specific discounting and promotional plans."

Other stores on the list of locations that will close include one in The Crossing in Mineral Wells; Bunker Hill Shopping Center in Altus, Oklahoma; and Central Mall in Lawton, Oklahoma. Two other Payless locations in Lawton were not on the list.

A federal district judge in the U.S. Bankruptcy Court for the Eastern District of Missouri on Tuesday approved Chapter 11 bankruptcy protection for the struggling specialty family footwear chain. The company will be able to provide employee wages, health care coverage, and other benefits without interruption, according to a news release on the Payless corporate website. They will also be able to pay certain vendors and suppliers.

"Like many retailers, Payless has had to take a close look at its business to make sure our company is taking the right steps in a fast-changing and challenging consumer and economic environment," the company said in its frequently asked questions section. "Our Chapter 11 filing enables us to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position the Company for long-term success."

For more information, visit www.payless.com/restructure.