Previously considered a leading footwear retailer in the U.S. and one of the largest in the world with about 3,500 retail stores, the Group says it has substantial liquidity after eliminating in excess of US$435 million in funded debt. Following the completion of the Company’s restructuring, Paul Jones will retire as Chief Executive Officer and the post-emergence Board of Directors is to begin a search to identify a suitable replacement. Meanwhile, Payless will be led by a newly appointed Executive Committee comprised of Payless’ Chief Financial Officer, Michael Schwindle, Payless’ Chief Operating Officer, Mike Vitelli, and headed by Martin R. Wade, III, Chairman of Payless’ post-emergence Board of Directors and interim CEO.

“We have accomplished our goals of strengthening our balance sheet and restructuring our debt load, positioning Payless to create substantial value for our stakeholders and achieve long-term success,” said Jones. “In a year where so many major retail companies have filed for Chapter 11 restructurings, Payless is the first to successfully emerge as a stronger and healthier enterprise for the benefit of its customers, employees, suppliers, business partners, and lenders”, he added.