Company Overview of Payless Inc.
Payless Inc. operates as a footwear retailer in Western Hemisphere. Its products include casual and dress shoes, sandals, boots, slippers, handbags, jewelry, bath-and-beauty products, and hosiery. The company also wholesales footwear in various retail formats, including premier department stores, specialty stores, and athletic and sporting goods stores; and through independent distributors and licensees. It markets its products directly to consumers through Stride Rite children’s stores, outlet stores, Stride Rite store-in-stores, Sperry Top-Sider stores, and e-commerce sites. The company was formerly known as Collective Brands, Inc. and changed its name to Payless Inc. in March 2013. Payles...
3231 SE Sixth Avenue
Topeka, KS 66607-2207
Founded in 1956
Key Executives for Payless Inc.
Senior Vice President of GMM Men's, Kid's, and Athletics
Division Senior Vice President of Global Logistics
Senior Vice President of Human Resources
Chief Customer & Marketing Officer
Compensation as of Fiscal Year 2017.
Payless Inc. Key Developments
Fifth Amended Reorganization Plan Filed by Payless Inc.
Jul 21 17
Payless Inc. filed a fourth amended plan of reorganization in the US Bankruptcy Court on July 21, 2017. As per the plan filed, there is no change in treatment of various claimant classes.
Fourth Amended Reorganization Plan and Disclosure Statement Filed by Payless Inc.
Jun 23 17
Payless Inc. filed a fourth amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on June 23, 2017. As per the plan, Prepetition First Lien Credit Agreement Claims of $506.30 million will recover 83% of the allowed amount. Prepetition Second Lien Credit Agreement Claims of $145 million will recover approximately 15% of the allowed amount. Other General Unsecured Claims of $121.8 million shall recover 18.10% of the allowed amount. The holders shall receive Pro Rata share of $3.66 million of Other General Unsecured Claims Recovery Pool and will receive share a distribution of pool of $25 million with Holders of Allowed Worldwide General Unsecured Claims. General Unsecured Claims against Payless ShoeSource Worldwide, Inc. of $46.60 million will recover 22.1% of the allowed amount. The holders shall receive Pro Rata share of $3.66 million of Worldwide GUC Claims Recovery Pool and will receive share a distribution of pool of $25 million with Holders of Other General Unsecured Claims. The plan sponsors will contribute $5.44 million in cash on the balance sheet of Payless Holdings LLC plus an additional $15.75 million in Cash that will be contributed to the Debtors. The treatment of remaining classes of claims remains unchanged.
Auction Procedures for Store Closing Sale Approved on Final Basis for Payless Inc. Approved for Payless Inc.
Jun 15 17
The US Bankruptcy Court gave an order approving store closing sales by Payless Inc. on June 15, 2017. The debtor was authorized to immediately commence the Second List Store Closings of up to an additional 408 stores. The debtor was authorized to sell the saleable inventory and associated furniture, fixtures, and equipment, in the respective stores.
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