April 23, 2018 4:36 PM ET

Specialty Retail

Company Overview of Payless Inc.

Company Overview

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

United States

Founded in 1956

14,100 Employees



Key Executives for Payless Inc.

Chairman & Interim CEO
Chief Operating Officer
Age: 61
Senior Vice President of GMM Men's, Kid's, and Athletics
Division Senior Vice President of Global Logistics
Senior Vice President of Human Resources
Age: 55
Compensation as of Fiscal Year 2017.

Payless Inc. Key Developments

Payless Seeks To Sell Its Headquarters

Payless Inc. is putting its corporate headquarters in Topeka, Kansas, up for sale.

Paul Jones to Retire as Chief Executive Officer of Payless ShoeSource

Payless ShoeSource announced that it has successfully emerged from its Chapter 11 restructuring as the number one specialty footwear retailer in the U.S. and one of the large in the world with about 3,500 brick and mortar stores, one of the best-recognized global brands, and with substantial liquidity after eliminating in excess of $435 million in funded debt. Following the completion of the company's restructuring, Paul Jones will retire as Chief Executive Officer.

Fifth Amended Reorganization Plan Approved for Payless Inc.

The US Bankruptcy Court ordered approving the fifth amended joint plan of reorganization of Payless, Inc. on July 26, 2017. Administrative Claims, Professional Fee Claims, Priority Tax Claims, Other Priority Claims and United States Trustee Statutory Fees shall be paid full in cash. 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. The Term DIP facility Claims of $80 million will be paid in debt issuance. Other General Unsecured Claims of $121.8 million shall recover 18.1% 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. Canadian general unsecured claims of $1.6 million will be reinstated. Intercompany claims of $104.9 million will be reinstated. The Qualified Unsecured Trade claims have been omitted and there is no other secured claim. Existing Equity Interests shall be cancelled. Intercompany Interests shall be cancelled or reinstated. Section 510(b) Claims shall be cancelled. The plan will be funded through New ABL Facility, a New First Lien Term Loan Facility and New Equity in Reorganized Holdings. 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.

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