Payless ShoeSource, which emerged from bankruptcy proceedings in August, said it may pursue additional restructuring efforts amid reports that layoffs were imminent.
Payless said in a statement released to the media, “We continue to evaluate Payless’ structure as part o the ordinary course of business and in furtherance of the company’s go-forward strategy. Although Payless emerged from Chapter 11 with a strong foundation, given the changing retail environment there are additional steps that must be taken to position our business model to create sustainable growth, ensuring the customer is at the forefront of everything we do and enabling us to take full advantage of our competitive strengths in North America, online, and around the world.”
Under Chapter 11 proceedings, Payless closed around 700 stores. It also reduced the company’s debt from $850 million to just over $400 million. It filed for bankruptcy in April.
The Kansas City Business Journal reported that numerous layoffs at its Topeka, KS headquarters were rumored.
Photo courtesy Payless
