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    You are at:Home ยป The Ultimate Guide on the Failure Story of Payless ShoeSource

    The Ultimate Guide on the Failure Story of Payless ShoeSource

    0
    By AM on August 18, 2022 Failure Stories

    Public Facts about Payless ShoeSource Inc

    Payless (formerly known as Payless ShoeSource Inc.) is an international 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. The company had a total revenue for 2011 of US$ 3.4 billion.The company also has a stunt premium banner, Palessi Shoes.

    THE FALL OF PAYLESS

    The Decline of Payless

    Payless is currently owned by a group of investors led by Alden Global Capital and Axar Capital Management. 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 were to be closed in Australia with the loss of 730 jobs.

    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.

    Payless Closes 400 Stores

    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.

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    Payless Bankruptcy Payless Decline Payless ShoeSource Rise and Fall Story
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    AM
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    AM, The Founder and CEO of RetailMarketingTechnology.com is an Entrepreneur & Business Management Professional with over 20+ Years Experience and Expertise in many industries such as Retail, Brand, Marketing, Technology, Analytics, AI and Data Science. The Industry Experience spans across Retail, FMCG, CPG, Media and Entertainment, Banking and Financial Services, Media & Entertainment, Telecom, Technology, Big Data, AI, E-commerce, Food & Beverages, Hospitality, Travel & Tourism, Education, Outsourcing & Consulting. Currently based in Austria and India

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