Payless successfully completes financial restructuring
Payless ShoeSource today announced that its North American entities have successfully emerged from its Chapter 11 restructuring as the number one specialty footwear retailer in the United States and one of the largest in the world.
It has about 3,500 brick and mortar stores, 400 of which are in Latin America and the Caribbean.
It has substantial liquidity after eliminating in excess of $435 million in funded debt, the company said in a release.
Following the completion of the Company's restructuring, Paul Jones will retire as Chief Executive Officer. The post-emergence board of directors will begin a search to identify a new Chief Executive Officer to lead Payless forward, it said.
In the interim, Payless will be led by a newly appointed executive committee comprised of Chief Financial Officer, Michael Schwindle; Chief Operating Officer, Mike Vitelli, and headed by Martin R. Wade, III, Chairman of the post-emergence board and interim Chief Executive Officer.
"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.
"In a year where so many major retail companies have filed for Chapter 11 restructurings, Payless is the first to successfully emerge as a stronger and healthier enterprise for the benefit of its customers, employees, suppliers, business partners, and lenders,” he added.