Payless exits chapter 11 as CEO steps down
15/08/2017
The company said it now has “substantial liquidity” after eliminating more than $435 million in funded debt.
“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,” said Paul Jones, Payless chief executive.
He added that Payless emerges from chapter 11 as “a stronger and healthier enterprise”.
Following the successful restructuring, Mr Jones is to retire as company CEO. A new board of directors is in the process of identifying his replacement.
In the interim, Payless will be led by an executive committee that includes chief financial officer, Michael Schwindle, chief operating officer, Mike Vitelli, and Martin R. Wade, chairman of the board of directors. Mr Wade will act as interim chief executive.
Share this story:
