Payless Reorganization Plan Approved By Bankruptcy Court

Payless Reorganization Plan Approved By Bankruptcy Court

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.