- Sara Ehlers |
Payless just confirmed it will be emerging from bankruptcy this month. After facing numerous financial struggles, the shoe company is now working on a new strategy involving expanding retail plans.
The brand had built up approximately 847 million dollars of debt according to Business of Fashion. The company will emerge from bankruptcy this upcoming Wednesday, as reported by the publication. In order to start anew, Payless is planning to open more stores on an international level. The brand is seeking storefronts in Latin America, Asia, and more. Currently, bricks-and-mortar have become a focal point for the affordable shoe label.
Through its bankruptcy, the company had closed approximately 700 locations. In over five years, Payless plans to invest approximately 234 million dollars, according to BOF. While retail has been declining with the emergence of mobile and online shopping, it's interesting to see if the brick-and-mortar investment will pay off in the future for the company.