Sources: Payless to close up to 500 stores

(Photo courtesy of Payless)

TOPEKA, Kan. (WIVB) — Another nationwide retailer will be closing hundreds of stores.

Payless is reportedly getting ready to close up to 500 stores in the coming weeks and months as it tries to restructure.

Payless is more than $665 million in debt and on the verge of bankruptcy.

Bloomberg News sources say Payless could file Chapter 11 bankruptcy as soon as next week.

It is not clear if any local stores will be effected.

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