Payless bankruptcy won’t affect Panama

 THE BANKRUPTCY filing of the The Payless Shoe Source  chain which will close 398 stores in the US will not affect operations in Panama and the rest of Central America , 

The popular low-cost footwear chain announced on April 4 that it filed a voluntary reorganization petition in accordance with Chapter 11 of the US Federal Bankruptcy Code, “to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position the Company for long-term success.”

Nacion.com reports that Carmen García, Payless’s international communications manager, said  that   “…This restructuring allows us in the United States to strengthen our financial balance and restructure the burden of indebtedness.  Since Latin America is not part of this restructuring, our focus is to expand internationally in those countries and elsewhere.”