Preview - Please log in to view full article.

Article Date: April 2017
Word Count: 821

Payless Gets Approval to Pay Factories for BTS Shipments

The bankrupt chain successfully argued that its factory relationships are critical to its business model and, unless it was allowed to immediately pay them on outstanding invoices, the factories would refuse to ship critical Back-to-School merchandise, causing significant damage to the chain’s ability to emerge from Chpater 11 protection. The court approved an order to pay up to $52 million on an interim basis and a total amount that could ultimately reach $113 million. Payless estimates that it has some $250 million in total accounts payable as of the filing, of which $240 million were classified as trade claims.


Payless has ... Log in to view full article.


Already a subscriber?

User Name:  


Not yet a subscriber?

Try SGI for a month FREE. You’ll get our daily news feed, weekly newsletter, and access to the last two months of SGI articles.

Start a new subscription to SGI, or order any of our other products.