Payless aims to re-established itself as a streamlined and focused operation post-Chapter 11 bankruptcy.
After climbing out of bankruptcy in August, the footwear retailer announced new initiatives last week meant to increase efficiency throughout operations and give Payless the ability to re-prioritize the business to focus on consumers.
Changes will first take place in-house, as Payless says its plans to redesign its organizational structure and better align resources through streamlining its corporate headquarters. The company has already brought on a new chief strategy officer and chief financial officer.
“We are one of the few retailers that has successfully emerged from bankruptcy in what continues to be a challenging year for the industry,” said Martin Wade III, Payless interim CEO and chairman in a press release. “The in-court restructuring moved at an accelerated pace as a result of Payless’ agreements with creditors. The Chapter 11 process enabled the company to significantly reduce debt and create a solid foundation for growth. We must challenge ourselves every day to ensure we take advantage of this fresh start.”
Among the challenges the company is faced with is a difficult retail environment. However, Payless has an arsenal of initiatives meant to combat the changing retail landscape, including a move to expand e-commerce business and the company’s domestic and international footprint. The retailer will also introduce a new pricing strategy and launch new marketing in the U.S. targeted toward Hispanic consumers.
“We will continue to drive change and earn our customers’ loyalty by providing great, quality styles for the whole family at an exceptional value,” Wade added.