Payless Shoe Source has filed for Chapter 11 bankruptcy and announced on Wednesday that its Brownwood location will be among 400 closing stores nationwide.
In a press release, Payless cited the “radical, unprecedented transformation” of the retail industry as a principal cause of the filing. Traditional retailers like Payless are coming under increasing pressure from online options.
The Brownwood Payless was unable to immediately confirm the closure or announce a final day of operations.
Payless now recommends that Brownwood residents shop at www.payless.com.
The move comes just one day after reports that Harbor Freight will open a location in Commerce Square in Brownwood. Meanwhile, Heartland Mall manager Mark McAfee said he is closing in on a replacement for the JCPenney location which will close in June.
“It looks pretty good,” McAfee said. “I hate to see JCPenney go, but it’s just one of those things that we have. A hundred and thirty-eight stores is what they’ve closed. It’s tough out there.
“Who has contacted me looks really, really good. It’s something where that area will benefit,” he said.