Payless emerges from bankruptcy with eye on US growth – just-style.com

Payless ShoeSource has emerged from voluntary Chapter 11 Protection, which was filed in February 2019

Payless filed for Chapter 11 bankruptcy protection last Februaryfor the second time in less than two years, and has since closed allof its 2,587 storesacross the USand Canada.

Post-bankruptcy, the company hasa global retail footprint spanning Latin America, Southeast Asia, and the Middle East. In these territories, combined, Payless and its franchisees own and operate over 710 brick and mortar doors in over 30 countries.

Its new management teamis led by CEO Jared Margolis, who previously served as president of the world's largest licensing agency CAA-GBG, a joint venture between accessories, footwear and apparel powerhouse Global Brands Group, and Creative Artists Agency, a leading entertainment and sports agency. Payless Latin America, the company's largest current business unit, will be led by Justo Fuentes, as Latam CEO.

Margolis saysPayless will implement a new strategic plan to strengthen its relationship with vendors and suppliers, support itsglobal franchise partners and deepen the trust of itscustomers.

On the agenda are plans for thePayless brandto collaborate with high-profileindividuals and brands onexclusive product offerings, while the company is also considering new technologies to streamline and optimise the customer experience. This approach will apply across all distribution channelsworldwide, it says.

"We intend to leverage Payless's 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," adds Margolis.

Meanwhile, Fuentes says there are plans to build on Payless's success in the Latin American market.

"In the past year, we have implemented many new strategies to increase our market share and in-store footprint in the region, and in 2020 we are going to build upon this even further. This plan will include a strong digital component to allow an omnichannel approach to the Latin market, as well as several product strategies that will allow Latin consumers to continue seeing Payless as their primary source of high-quality, value-priced family footwear."

Founded in 1956, Payless is headquartered in Topeka, Kansas, and has 420stores in Latin America and the US Virgin Islands, plus 290 franchisee stores in the Middle East, India, Indonesia, Thailand, Philippinesand Africa.

Link:

Payless emerges from bankruptcy with eye on US growth - just-style.com