Payless says it could close another 408 stores

Payless ShoeSource could close another 408 stores, in addition to the 400 it shut down two months ago after filing for bankruptcy protection.

The company is seeking to immediately close 112 locations and potentially shut down another 296 stores if it can't get cheaper rent for those stores, according to court papers filed this week at federal bankruptcy court in St. Louis, Missouri. Fortune's Phil Wahba first reported on the closures.

The closures could impact more than 2,000 employees.

Prior to filing for bankruptcy in April, Payless had 4,400 stores in 30 countries and employed nearly 22,000 people.

The retailer said in April that more store closures were likely. In a news release, the company said it planned to "work to aggressively manage the remaining" stores through additional closures or modified lease terms.

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