Payless, a popular American discount footwear chain, is officially making a comeback!
After filing for a bankruptcy for the second time in 2019, the retailer had shut down almost all stores and even e-commerce operations. However, Payless emerged from bankruptcy this January and has re-launched its e-commerce store.
What’s more is that Miami will be, reportedly, the first destination to have Payless’ physical store reopen this fall. Miami will also house the new headquarters.
In 2019, the company’s debts had mounted to around US $ 470 million following an unsuccessful attempt at restructuring following the first bankruptcy declaration in 2017.
Payless has unveiled the appointment of CAA-GBG president Jared Margols as their new CEO.
From a fleet of over 4,000 stores, the company will now sell apparel and footwear online and through only 400-500 stores set to reopen within the next 3-5 years.
Its e-commerce operations will be supported by franchises in Southeast Asia and Middle East along with operations in South America.
The new stores will include a renewed customer experience featuring engaging in-store touch points, smart mirrors, touch screen wall panels and a first-of-its-kind Augmented Reality foot comparison chart.
Payless has dropped ‘Shoesource’ from its name and expects to garner revenue of around US $ 700 million. In fact, Payless North America could be back to pre-bankruptcy levels by 2025.
