Payless Shoesource has long been a mall staple for affordable shoes, but it is the latest retailer to go the way of Bebe, BCBG, The Limited, and other fallen mall heroes. The company filed for Chapter 11 bankruptcy on Tuesday and will be immediately closing hundreds of stores.

In a statement released yesterday by CEO Paul Jones, he announced the 鈥渋mmediate closure of nearly 400 underperforming locations in the US and Puerto Rico鈥 and the company鈥檚 plans to 鈥渁ggressively manage the remaining real estate lease portfolio either by modifying terms, or evaluating closures of additional locations.鈥

He went on to say, 鈥淭his is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify.鈥

But this doesn鈥檛 spell the end for the footwear brand; Jones went on to say that the company has plans to build 鈥渁 stronger Payless.鈥 The company will bolster its online shopping presence and reduce its debt by almost half in the process of closing so many stores. So don鈥檛 fret 鈥 you鈥檒l still be able to find shoes for a bargain.

Payless鈥檚 corporate site will give you info about which stores are closing (and where you can shop if your nearest store closes), as well as closing sales. So maybe some good can come out of this after all.

What do you think of all the Payless stores closing? Tell us @BritandCo!

(h/t Allure; photos via Joey Foley/Getty, Brit + Co)