Payless files for bankruptcy; closing 400 stores immediately

Payless Shoes has filed for bankruptcy and is closing 400 stores but the stores in Trinidad and Tobago are safe for now..

Payless has about 4,400 stores in more than 30 countries. 

The filing, made in U.S. Bankruptcy Court of the Eastern District of Missouri, will "facilitate the financial and operational restructuring necessary to strengthen (the) balance sheet and position the company for long-term success," Payless said in a statement.