HUTCHINSON, Kan. — The Hutchinson Mall is losing another major business.
A week after Payless Shoe
Source was rumored to be filing for Chapter 11 bankruptcy protection, the announcement came Wednesday that a large number of stores will close, including the one in the Hutchinson Mall. The closing comes two weeks after JCPenney announced it was leaving the Mall as part of an overall cost-cutting move.
The Topeka-based retailer said it will be closing nearly 400 stores as part of the reorganization. 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 up to $385 million available to keep the stores running.
The company released a list of stores to be closed Wednesday morning.
Stores in Great Bend, Liberal and Emporia are included on the list.