Payless ShoeSource Inc.’s reorganization plan won court approval. The plan will enable the shoe retailer to to eliminate 40 percent of its $838 million in an equity exchange with lenders. Senior lenders, owed $506 million, will share in a 91 percent equity stake in the reorganized company.
Payless filed for bankruptcy on April 4 , 2017 with plans to close hundreds of stores.
Photo courtesy Payless
