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January 25, 2002

USA: Payless Axes More Jobs, Closes Stores

Footwear retail giant Payless Shoe Source Inc announced on Friday it will axe an "undetermined" number of jobs and close 104 under-performing stores in a move that will result in a fourth quarter charge of $43 million. The shoe retailer recently cut 200 jobs as part of a restructuring exercise but said in a statement on Friday it now plans to shut 67 stores operating under the Parade trade name, as will as 37 Payless Shoe Source stores.

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