Payless Emerges from Bankruptcy

Payless (Topeka, Kan.) will soon emerge from bankruptcy. Through its bankruptcy, it has shed about half of its debt, which totaled $847 million, and closed about 700 stores. It has also been able to negotiate better lease terms with many of its landlords and reworked contracts with some of its vendors as a part of the bankruptcy.

With a smaller footprint and balance sheet, the retailer announced that its plan to regain its foothold centers on focusing on bricks-and-mortar sales, rather than e-commerce sales. It also plans to open more stores throughout Latin America and Asia, and has plans to open four mega U.S. stores. It also will invest $234 million over the next five years to help it improve, among other things, its inventory system, reports CNBC.