Payless ShoeSource announced today (Tuesday) that it has filed for bankruptcy and is closing nearly 400 underperforming stores in the U.S. and Puerto Rico.

Payless says the restructuring is needed to enhance the company's growth profile and profitability.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify," said Payless Chief Executive Officer Paul Jones.

"We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process," Jones added.

Payless has stores in Cheyenne and Casper, but the company has yet to announce whether they will be closed.