Payless ShoeSource is the latest struggling retailer to declare bankruptcy, but what impact will the action have on the future of two outlets in the Cedar Valley?

The 62-year-old company filed for Chapter 11 protection in U.S. Bankruptcy Court on Tuesday (April 4, 2017), listing $10 billion in liabilities and $1 billion in assets. According to Business Insider, Payless plans to close nearly 400 stores immediately and will likely shutter more in the future.

The Topeka, Kan.-based retailer currently has stores in 19 Iowa cities, including Waterloo and Cedar Falls. It appears the Waterloo outlet inside Crossroads Center and the Cedar Falls location at 618 Brandilynn Blvd. will remain open for now.

list of store closings posted on the company's website shows that Payless plans to shutter stores in Carroll and Davenport, while 21 other outlets in Iowa are staying open. Those stores include a second Davenport location. Payless also has stores in the following cities: Altoona, Ames, Cedar Rapids (2), Clinton, Coralville, Council Bluffs (2), Des Moines (2), Dubuque, Fort Dodge, Marshalltown, Ottumwa, Sioux City, Storm Lake, West Burlington and West Des Moines (2).

In a statement, corporate officials said Payless plans to continue operating "its business in the ordinary course" during restructuring  and "use the Chapter 11 process to implement a comprehensive path forward to meaningfully enhance our growth profile and profitability."

Payless, founded in 1956, currently operates 4,400 stores in 30 countries and employs nearly 22,000 people.

The shoe chain is joining a growing list of giant retailers who are struggling against e-commerce. Gordman's, JC Penney, Kmart, Macy's and Sears have all announced store closures this year.

Sources: Payless ShoeSource, Business Insider