The discount shoe retailer Payless ShoeSource is set to close all of its stores when its files for bankruptcy later this month. Veuer’s Mercer Morrison has the story.
Payless is back in time for the new school year with a new website, a new name and plans for hundreds of bricks-and-mortar stores.
After emerging from bankruptcy for the second time in January 2020 and shuttering its remaining U.S. stores in June 2019, the footwear retailer’s new website is live at Payless.com. The comeback was first announced in January.
The company announced in a news release Tuesday that it also dropped “ShoeSource” from its name and is opening its first prototype store in Miami, Florida, home of its new headquarters.
Payless plans to open between 300 to 500 free standing stores over the next five years and has 700 international stores including 298 franchise and 412 Latin and Central America locations that weren’t affected in bankruptcy.
“We saw an opportunity for the brand to relaunch into the US market, providing our community with the affordable, value driven products they’ve always searched for, now across multiple categories, at a time when value couldn’t be more critical,” Payless CEO Jared Margolis said in the release. “Payless is for everyone, and now more than ever, the world needs to pay-less.”
AirWalk, American Eagle, K-Swiss, Kendall + Kylie and Aerosoles are among the brands being sold on the new website. To get free shipping, a purchase of $65 is required and returns will be accepted, but shoppers “will need to pay for the shipping of your return item(s) back to Payless.com,” according to the website.
In the release, the company said the stores will feature “a first-of-its-kind Augmented Reality foot comparison chart” and will “reinvent the way we shop.”
Payless filed for Chapter 11 bankruptcy protection in February 2019 and shuttered its remaining 2,000-plus stores in North America by the end of June. The brand founded in 1956 also filed for Chapter 11 in 2017.
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