Payless explores its options 18 months after restr - footwearbiz: Lead

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Payless explores its options 18 months after restructuring

18/01/2019
Payless explores its options 18 months after restructuring
US footwear retail group Payless ShoeSource has hired an advisor to explore options, including a sale or further restructuring, Reuters has reported.

The company entered and then emerged from chapter 11 bankruptcy protection around 18 months ago. This followed an extensive financial restructuring and the elimination of substantial debt. 

Now, Reuters has quoted sources close to the company as saying it is doing all it can to avoid bankruptcy. This could include closing around one-third of its stores, according to the source. The source added that no decision on Payless’s future has been made, although filing for bankruptcy protection is an option. 

Related stories:

Former Payless ShoeSource CEO joins JC Penney board 16/07/2019
Payless to complete store closures in June 31/05/2019
Payless ShoeSource to close all its US stores 19/02/2019
Payless fools customers with creative marketing stunt 05/12/2018
Payless puts its headquarters up for sale 06/12/2017
Payless to expand its e-commerce business 23/11/2017
Payless mulls further restructuring of business 20/11/2017
Payless Shoesource closures hit Steve Madden results 08/11/2017
Payless exits chapter 11 as CEO steps down 15/08/2017
Payless gets court approval for reorganisation plan 03/08/2017
Payless Shoesource files for bankruptcy protection 10/04/2017

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