World Footwear

Companies

Payless exits bankruptcy

Aug 16, 2017 United States
Payless exits bankruptcy
Payless ShoeSource has emerged from Chapter 11 bankruptcy after closing approximately 700 stores and eliminating more than 435 million US dollars in debt. The process took 4 months
The Kansas-based specialty footwear retailer, Payless ShoeSource, announced that it has successfully emerged from its Chapter 11. The retailer, with a distribution network of about 3 500 brick and mortar stores, has managed to eliminate a excess of 435 million US dollars in funded debt in just over four month – the period of time since Payless entered Chapter 11. This accelerated pace is, according to the management, a sign of the "success of the company going forward".  

"We have accomplished our goals of strengthening our balance sheet and restructuring our debt load, positioning Payless to create substantial value for our stakeholders and achieve long-term success", commented Paul Jones, adding: "In a year where so many major retail companies have filed for Chapter 11 restructurings, Payless is the first to successfully emerge as a stronger and healthier enterprise for the benefit of its customers, employees, suppliers, business partners, and lenders. That is a testament to the hard work and dedication of everyone at Payless, and I thank them for the honor of having worked with them over these past five years”.

Following the completion of the company's restructuring, Paul Jones will retire as Chief Executive Officer. The post-emergence Board of Directors will begin a search to identify a new Chief Executive Officer to lead Payless forward.

In the interim, Payless will be led by a newly appointed Executive Committee comprised of Payless' Chief Financial Officer, Michael Schwindle, Payless' Chief Operating Officer, Mike Vitelli, and headed by Martin R. Wade, III, Chairman of Payless' post-emergence Board of Directors and interim Chief Executive Officer.

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