Payless ShoeSource has announced that the company is emerging from chapter 11 Bankruptcy it had filed in February last year. The company has also instated a new executive team that is expected to come up with new plans for 2020. The company is plotting a comeback to United States after it had to shut down all of its stores last year. Jared Morgolis, former president of CAA-NBG, a licensing agency, will be the company’s new CEO.
Margolis has released a statement explaining how the company is eyeing for a comeback in North America, a platform to “fast-track” their growth. Payless had shut down around 2500 stores across North America after filing for Chapter 11 Bankruptcy in February last year. However, the company managed to garner sales of over 25 million pairs of shoes in the last one year from its 710 brick and mortar stores operating in over 30 countries. Despite the bankruptcy filing, Payless continued its operations in Latin America, Middle East, and Southeast Asia. The company’s Latin American unit will be led by Justo Fuentes, former BATA president for Latin America. Fuentes, in his statement, reiterated the company’s success in the region and said they’d be doing their best to build upon it in the near future.
Talking of bankruptcy filings, Borden, a popular dairy brand, filed for bankruptcy earlier this month. The company was trying to renegotiate the terms of its debts but no satisfactory agreement could be reached. The Dallas based company has 3,300 employees and had reported USD 1.18 billion in sales in 2018. Though the company did suffer from the hit dairy industry has undergone recently due to the changing tastes, the company’s CEO cited debts as being the primary reason for their downfall.