Payless ShoeSource has emerged from Chapter 11 bankruptcy protection for a second time, the company said on Thursday, with a renewed focus on its international operations.
Payless ShoeSource has emerged from Chapter 11 bankruptcy, with a renewed focus on its international operations.
It last filed for bankruptcy in February 2019 and ultimately shut down all of its 2,500 U.S. stores. The retailer — founded in 1956 in Topeka, Kansas — also wound down its e-commerce operations. But the liquidation did not impact its franchised or Latin American stores. Payless' "biggest growth opportunity" remains the U.S., said Jared Margolis, the new head of Payless' leadership team. But it remains unclear how the company is plotting its comeback there.
The largest business unit is Latin America, which will be led by Justo Fuentes. Fuentes previously served as president of multinational footwear and fashion accessory manufacturer and retailer BATA in Latin America.
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