Discount footwear retailer Payless Shoesource announced Tuesday plans to close 400 stores in the United States as part of a Chapter 11 bankruptcy filing. The Kansas-based retailer has 4,400 locations spread across 30 nations. 11 major retailers closing stores in 2017 Closing 400 locations is part of a plan to reorganize $385 million in debt. The company will take an $80 million loan in order to help get out of bankruptcy. The company also said it plans on expanding in Latin America. In a statement, Payless called the 400 location its closing as "underperforming."