Payless (footwear retailer)

Payless ShoeSource Worldwide, LLC
FormerlyPayless ShoeSource Inc.
Company typePrivate
IndustryShoes, socks, accessories
Founded1956; 68 years ago (1956)
FoundersLouis and Shaol Pozez
FateU.S. and Canadian stores liquidated in 2019 due to Chapter 11 bankruptcy
Relaunched in August 2020
Headquarters735 NE 125th St, North Miami, Florida, United States
Number of locations
3,500+ (40 countries) (2018)[1]
Area served
30+ countries (2019)
Key people
Justo Fuentes (CEO)
RevenueIncrease US$3 billion (2017)[2]
−US$149.8 million (FY2012)
Owners
Number of employees
18,000 (2017)[2]
Websitewww.payless.com

Payless ShoeSource Worldwide, LLC[3] (formerly known as Payless ShoeSource Inc.), is an American multinational discount footwear chain. Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital, and Golden Gate Capital. In 1961, it became a public company as the Volume Shoe Corporation, which merged with The May Department Stores Company in 1979. In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless became an independent publicly held company. In 2004, Payless announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc.[4][5] As of 2020, Payless is owned by a group of investors led by Alden Global Capital and Axar Capital Management.[6]

It was announced on May 1, 2012, that the company would be purchased by Wolverine World Wide, Blum Capital, and Golden Gate Capital for US$1.32 billion. On December 13, 2016 it was reported that all Payless shoe stores in Australia were to be closed with the loss of 730 jobs.[7][8] On July 14, 2014, Authentic Brands Group acquired some assets from Payless's division Collective Licensing International, LLC, which included brands such as Airwalk, Hind sports clothing, Vision Street Wear, and Above The Rim.

In 2019, North American stores including their e-commerce platform filed for bankruptcy. The filing excluded stores outside of North America, which will continue to operate.[1][9] Payless emerged from bankruptcy on January 16, 2020, and on August 18, 2020, Payless officially dropped 'ShoeSource' from its name, and launched its e-commerce website.

  1. ^ a b Tyko, Kelly (February 15, 2019). "Payless ShoeSource closing all 2,100 U.S. stores, starting liquidation sales Sunday". Money. USA Today. Retrieved 16 Jan 2020.
  2. ^ a b "Payless Holdings". America's Largest Private Companies (2019 Ranking). Forbes. Retrieved 16 Jan 2020.
  3. ^ "Payless Privacy Policy". Retrieved 2023-10-21.
  4. ^ "Form 8-K". U.S. Securities and Exchange Commission. August 17, 2007. Retrieved 2024-08-03.
  5. ^ "PAYLESS SHOESOURCE ANNOUNCES CLOSE OF STRIDE RITE ACQUISITION AND HOLDING COMPANY NAME CHANGE TO COLLECTIVE BRANDS, INC. – Payless" (Press release). Archived from the original on 4 May 2016. Retrieved 9 June 2016.
  6. ^ Kapner, Suzanne (2020-08-18). "Shoe Seller Payless Attempts a Comeback". The Wall Street Journal. Archived from the original on 2020-08-18. Retrieved 2024-08-08.
  7. ^ Cite error: The named reference hawleypbj was invoked but never defined (see the help page).
  8. ^ "Owner of Payless, Stride Rite stores being sold". Archived from the original on May 2, 2012. Retrieved March 17, 2017.
  9. ^ Staff (February 19, 2019). "Payless to close all 248 Canadian stores, liquidation sales expected". Global News. The Canadian Press. Retrieved 16 Jan 2020.