Payless Worldwide Inc., formerly Payless ShoeSource Inc., has emerged from bankruptcy for a second time, this time with a new name and comeback strategy. The footwear chain is betting heavily on its past history with customers and the familiarity those consumers have with its brand. It will need to leverage that familiarity and trust if it wants to entice shoppers back into its new stores, especially as the coronavirus pandemic continues to wreak havoc in the retail sphere and elsewhere. Payless is planning to open four hundred new stores over the next five years.
"Starting from scratch puts us in a good position," Payless CEO Jared Margolis said in a report by the Wall Street Journal. "Payless has a brand that people know, and it's betting on that recognition to get consumers to pay attention in a crowded market."