Payless ShoeSource's April 4 bankruptcy filing is more bad news for investors in U.S. shopping malls, but the closure of 400 stores in the U.S. and Puerto Rico will have a relatively limited impact on mortgage bonds.

Trepp has identified 36 loans for which the backing collateral features a Payless location reported to be closing. Nearly less than half of the loans have balances under $15 million and legacy deals are slightly more represented than new vintages. In many cases, Payless is not one of the top two tenants.

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