Payless just closed 900 stores — and now it's trying to make a comeback

pulse

August 10, 2017 4:57 PM

Payless revealed Thursday that it has emerged from its Chapter 11 restructuring after disposing of half its debt.

Payless

Payless is trying to make a comeback after filing for bankruptcy earlier this year and closing about 900 stores.

The company revealed Thursday that it has emerged from its Chapter 11 restructuring after disposing of half its debt — about $435 million in total.

Its store count is now 3,500, down from 4,400 in February.

Payless also said Thursday that its CEO, Paul Jones, will retire. The company said it's searching for a replacement.

In a statement, Jones highlighted the fact that Payless is the first retailer to emerge from bankruptcy out of the many that have defaulted this year.

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