The downtown Payless location will be closing, however the store located in Mall De Las Aguilas will remain open.

The move from the shoe apparel company comes after it filed for Chapter 11 bankruptcy protection last week. Store closings are believed to be an effort to restructure debt load as often seen with large corporations who end up in financial trouble.

Payless is not commenting on how many store associates will be losing their jobs, however Senior Analyst Communications Meghan Spreer said the company is offering open positions at nearby stores to those who work in stores that will be closing. Those who are not found a position will be offered severance pay.

A third party has been hired to organize promotions and discounts for merchandise at closing stores. Effective closing dates have yet to be set. 

Payless is yet another retailer that has begun closing stores this year due to low sales at a national level. Among those closing stores nation-wide include Radio Shack, JC Penney, and Sears.