Payless is still here! One year ago, Payless Shoe Source submitted a support petition to reorganize the company’s assets through Chapter 11: for the records, that was the second bankruptcy following the former one in 2017. At the same time, the company announced they would stop their activities in North America. The footwear retailer, which sells daily use and cheap price shoes, is about to resurface thanks to a new management. In fact, Payless Shoe Source has appointed a new managing board: they are now planning to open again their stores in the United States.
Payless is still here!
A group of private equity funds currently control Payless Shoe Source. Jared Margolis, newly appointed as chief executive officer, has announced a “new global strategic plan to speed up” the comeback of the brand. In his opinion, the United States are “the most important growth and development opportunity”. Margolis himself hopes there will be a chance to benefit from Payless present assets, such as product design and development, distribution and supply, marketing and relations with footwear manufacturers. The company’s aim is rather evident: to supply quality, elegant and comfortable shoes, while selling them at convenient price.
The group is also running a division in South America, namely Payless Latin America, which has kept carrying out its activities, on a regular basis, despite the headquarters difficulties. Chief executive officer Justo Fuentes will be leading it. In South America, Payless runs around 400 stores. Furthermore, they are still running 370 franchising shops in the Middle East, India, Indonesia, Indochina, the Philippines and Africa. As reported by Footwear News, the company announced they sold about 25 million pairs of shoes in the last 12 months.