Shoe chain Payless emerges from bankruptcy protection

Payless ShoeSource says it emerged from bankruptcy protection this week and is looking for a new CEO to lead the company.

The low-priced shoe chain filed for Chapter 11 bankruptcy protection in April. Several retailers have filed for bankruptcy protection in the past year, including American Apparel and RadioShack, hurt by the growth of online shopping. Others, including big department store chains, have been closing stores.

Payless also has shut down hundreds of stores, but kept about 3,500 of them open.

The Topeka, Kansas-based company says that CEO Paul Jones retired this week and that its board of directors will select a new leader. In the interim, Payless will be led by an executive committee.