Payless ShoeSource Inc. has filed for Chapter 11 bankruptcy protection.

The privately owned shoe chain says it will close nearly 400 underperforming locations in the U.S., MarketWatch reports. It has more than 4,000 in 30 countries.

The Topeka, Kansas-based footwear chain's website shows 22 Payless stores in metro Denver, six in Colorado Springs, two in Greeley and one apiece in Fort Collins and Loveland. It's not clear how many of those stores will close, if any.

According to the Topeka Capital-Journal newspaper, Payless try to renegotiate or modify other store leases and may close additional stores.

Read more at Denver Business Journal.