Payless files for bankruptcy

Payless ShoeSource Inc. officially filed for bankruptcy on Monday after media reports surfaced last week about the planned move.

In its second bankruptcy filing in as many years, the company signaled plans to shutter 2,500 North American stores by the end of March.

"The prior proceedings left the company with too much remaining debt, too large a store footprint and a yet-to-be realized systems and corporate overhead structure consolidation," Chief Restructuring Officer Stephen Marotta said.

Read more from Reuters.