Payless ShoeSource on Wednesday announced the closure of two Austin-area stores.[/caption] Two Austin-area Payless ShoeSource retail stores are shuttering as part of a nationwide company move that closes 400 stores. The closures come in the wake of a bankruptcy the company filed yesterday. Locations at the Shops at Tech Ridge and Barton Creek Square will close immediately. Another 64 stores in Texas will also close. See the full closure list here. Payless is the largest specialty family footwear retailer in the Western hemisphere. The privately held company was founded in 1956 in Topeka, Kan. Its website states Payless employs nearly 22,000 associates worldwide. A news release said the company is going through restructuring with its senior lenders as part of the bankruptcy. Paul Jones, the company's CEO, said the restructuring was a "difficult but necessary" decision. "We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process," he said in a release. More information on the closures and bankruptcy can be found here.