16 Nov Payless Announces Strategic Initiatives To Further Transformation
Payless ShoeSource outlined several key initiatives as part of the company’s ongoing transformation.
These actions will increase efficiencies across operations and allow Payless to reprioritize the business to focus on the customer, accelerate and expand its e-commerce business and invest in future growth – including expanding the company’s domestic and international footprint.
As part of an initiative to redesign its organizational structure and better align resources, the company is streamlining its corporate headquarters. This will enable Payless to modernize its approach to serving its customer in a continuously changing retail environment.
Martin R. Wade, III, interim chief executive officer and chairman of Payless, said, “We are one of the few retailers that has successfully emerged from bankruptcy in what continues to be a challenging year for the industry. The in-court restructuring moved at an accelerated pace as a result of Payless’ agreements with creditors. The Chapter 11 process enabled the company to significantly reduce debt and create a solid foundation for growth. We must challenge ourselves every day to ensure we take advantage of this fresh start.”
Wade continued, “In just a few short months, we have made exciting progress to propel the iconic Payless brand forward and return the customer to the center of our business. To better connect with our customers, we are piloting a new pricing strategy and have launched Hispanic marketing in the U.S., helping us reach an important and currently under-served portion of our customer base. We have brought in a new chief strategy officer and identified strong talent within the organization leading to several promotions, including our new chief financial officer. We will continue to drive change and earn our customers’ loyalty by providing great, quality styles for the whole family at an exceptional value.”