Payless is returning from the abyss. The popular, low-price shoe chain emerged from bankruptcy in January and is now relaunching with an e-commerce store, new leadership and retail prototype. The first physical store of its new iteration will open in Miami, the home of its new headquarters, this November.
At the time of its second bankruptcy in 2019, Payless held around $470 million in debt and untenable amounts of real estate overhead. This trip to bankruptcy court followed earlier proceedings in 2017 that resulted in an unsuccessful restructuring plan. The new Payless will address its old mistakes by operating “Five hundred stores instead of 4,000, being more asset-light — corporate overhead was substantial — and not relying on having everything in-house. We prefer to be nimble and can outsource and partner with companies, rather than own everything ourselves. This allows us to focus on offering great product for the best price,” Margolis said.
Payless’ stores will be designed with social distancing, omnichannel marketing and new technology in mind. There will be touch-screen mirrors for shoppers to view additional product and order directly to their homes. Payless will also roll out a partnership with Zappar, a program that allows shoppers to measure their shoe size with their phone, to assist with both in-store and online purchasing.
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Source: Slate - 🏆 716. / 51 Read more »