Payless’ Fifth Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on July 26, 2017. The Company exits bankruptcy with about 3,500 brick and mortar stores and substantial liquidity after eliminating in excess of $435 million in funded debt.
Payless also announced that Paul Jones will retire as chief executive officer, and the post-emergence board will begin a search to identify a new C.E.O. In the interim, Payless will be led by a newly-appointed executive committee comprised of Payless’ C.F.O., Michael Schwindle, Payless’ C.O.O., Mike Vitelli, and headed by Martin R. Wade, III, chairman of Payless’ post-emergence board and interim C.E.O.
This privately-held footwear retailer filed for Chapter 11 protection on April 4, 2017, listing more than $500 million in pre-petition assets.
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