Payless ShoeSource Emerges From Bankruptcy With New Executive Team
Payless ShoeSource has emerged from voluntary Chapter 11 protection, and appointed a new executive management team poised to unveil its new strategy in 2020.
The new team is led by CEO Jared Margolis, who previously served as president of CAA-GBG, the largest licensing agency in the world, and a joint venture between accessories, footwear and apparel powerhouse Global Brands Group, and Creative Artists Agency, a leading entertainment and sports agency.
Payless Latin America, the retailer’s largest current business unit, will be led by Justo Fuentes, as LATAM CEO. Fuentes previously served as president of BATA Latin America, where he supervised over 1,000 retail stores, e-commerce, catalogue and wholesale distribution as well as manufacturing.
The retail has emerged from bankruptcy with an existing global retail footprint spanning Latin America, Southeast Asia, and the Middle East. In these territories, combined, Payless and its franchisees own and operate over 710 brick and mortar doors in over 30 countries.
“I am pleased to have the opportunity to lead this iconic retail brand into a new strategic phase with a strengthened balance sheet and clean financial outlook,” said Payless’ new CEO, Jared Margolis. “We will implement a new comprehensive strategic plan to strengthen our relationship with our vendors and suppliers, support our global franchise partners and deepen the trust of our customers. The Payless brand stands for design, quality and value, and we plan to reinvigorate that proposition for our customers all over the world.”
The company will advance its mission of delivering high-quality, stylish, and comfortable footwear for the entire family, at a value price-point. Furthermore, the Payless Brand plans to collaborate with high-profile individuals and brands to ensure exclusive product offerings at a compelling price-point for its loyal base. Payless is in the process of considering new technologies to streamline and optimize the customer experience. This approach will apply across all distribution channels, worldwide.
“We intend to leverage Payless’ existing infrastructure, which is best in class and already includes product design & development, distribution, marketing, and a strong relationship with major footwear manufacturers,” said Margolis. “Thus, providing the new Payless with the ability to be nimble, innovative, and to fast-track our biggest growth opportunity: The United States.”