Payless might be down, but they're not out!
Payless ShoeSource announced on Thursday that it has emerged from Chapter 11 bankruptcy, appointed a new executive team, and will be rolling out a new strategy in 2020. As it turns out, while Payless closed all of its 2,300 U.S. stores last spring, it remained open in Latin America, Southeast Asia, and the Middle East. In fact, there are more than 710 open locations in 30 countries.
According to the press release, the new executives plan to build on their existing momentum:
“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," said Payless’ new Chief Executive Officer, Jared Margolis. "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. The Payless brand stands for design, quality, and value, and we plan to reinvigorate that proposition for our customers all over the world.”
While there's no public news about re-opening brick-and-mortar stores in the U.S. just yet, it seems as though it may not be too far off:
“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. Thus, providing the new Payless with the ability to be nimble, innovative, and to fast-track our biggest growth opportunity: The United States,” Margolis said.
As part of its restructuring, the discount shoe retailer is "considering new technologies to streamline and optimize the customer experience."
I don't know about you, but I'm pretty thrilled about this news! Payless has always been a reliable source for discounted, comfortable shoes, and its absence in the market has been noticeable.
What do you think? Will you welcome Payless back with open arms? Have you found a good alternative shoe store in the meantime? Tell us in the comments!