Will Payless be the next store to pack up and leave West Michigan?

Following in the steps of Sears, JCPenney, and Macy's it's being reported that Payless ShoeSource is planning to close 500 locations.

According to MLive, Payless Inc. is reportedly filing for Chapter 11 bankruptcy as early as this week.

In February, sources told Bloomberg that Payless could close as many as 1,000 stores  "as it wrestles with and unsustainable debt" -- upwards of $600 million.

Now, according to people "familiar with the matter", Bloomberg reports the company is planning to close 400 to 500 stores as it reorganizes.

Presently, Payless has 4,400 stores in 30 countries and employs 25,000 people.

Which stores will close has not yet been announced.

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