Payless mulls further restructuring of its business
17/11/2017
Reports in US media earlier this week suggested that the company was planning numerous layoffs as its headquarters in Topeka, Kansas.
In a statement, Payless said: “We continue to evaluate Payless’ structure as part of 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.”
Payless filed for chapter 11 in April as part of a financial and operational restructuring of the company. At the beginning of August, it received court approval for a reorganisation plan which included the immediate closure of nearly 700 stores.
After guiding the company through this difficult period, Payless CEO Paul Jones announced he was stepping down from his role. A permanent replacement has not yet been named.
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