You still remember Payless Shoes, right?
Well, Payless ShoeSource is coming back for the second time after filing for bankruptcy in April 2017 and again in February 2019. According to Good Morning America, Payless announced today that a new management team will try to reintroduce the affordable shoe retailer to US markets.
Payless’ new CEO Jared Margolis (the former president of a licensing agency called CAA-GBG) said in a statement, “I am pleased to have the opportunity to lead this iconic retail brand into a new strategic phase with a strengthened balance sheet and clean financial outlook.”
“We intend to leverage Payless’ existing infrastructure, which is best in class and already includes product design and development, distribution, marketing, and a strong relationship with major footwear manufacturers,” the statement read.
“Thus, providing the new Payless with the ability to be nimble, innovative, and to fast-track our biggest growth opportunity: The United States.”
“We will implement a new comprehensive strategic plan to strengthen our relationship with our vendors and suppliers, support our global franchise partners and deepen the trust of our customers.”
As per reports by Good Morning America, more than 700 international Payless stores in Latin America, Southeast Asia and the Middle East are still intact.
In 2019, all 2,100 US stores shut down after Payless filed for Chapter 11 bankruptcy protection. It left 16,000 people unemployed.
“Payless will begin liquidation sales at its U.S. and Puerto Rico stores on February 17, 2019, and is winding down its e-commerce operations,” a Payless spokesperson confirmed to CNN Business at the time, adding that “this process does not affect the Company’s franchise operations or its Latin American stores, which remain open for business as usual.”
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