Sad news for fans of affordable footwear: after filing for bankrupty this week, retailer Payless ShoeSource will close 400 of its stores in the U.S. and Puerto Rico. The closures are an attempt to salvage what's left of the business, and the company notes that it will increase its online presence. 

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” Payless Chief Executive W. Paul Jones said in a statement. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”

This news follows suit with the fate of other lower price point retailers such as Wet Seal, Delia’s, Aeropostale and American Apparel, all of which have recently filed for bankruptcy. Pour one out for Payless.