(CNN MONEY) Payless ShoeSource filed for Chapter 11 bankruptcy on Tuesday.

\"This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,\" Payless CEO W. Paul Jones said in a statement.

The company also announced that it will immediately close nearly 400 stores in the U.S. and Puerto Rico. It has more than 4,400 stores in over 30 countries, according to its website.

Payless is owned by two private equity groups, which bought the network of shoe stores in 2012.

But such acquisitions haven't been a panacea. Sports Authority and The Limited both went out of business after they were scooped up by private equity firms.

And these aren't the only brands having issues.

In March, Moody's put out a report listing 19 retailers -- including Payless -- that it considers \"distressed.\" J. Crew and Claire's also made the list.