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Article Date: April 2017
Word Count: 212

Payless ShoeSource Files for Bankruptcy

The discount shoe retailer filed for Ch. 11 protection in Missouri Eastern Bankruptcy Court, listing over $100 million in assets and $500 million to $1 billion in liabilities. The unsecured claims list is topped by a $145 million second lien term loan from Morgan Stanley, but thereafter consists mostly of Asian factories that supplied the private label and licensed merchandise that made up the vast majority of Payless’ selection. A few brands made the list, led by Fila USA, owed $5,172,156; Peds Legwear, $2,246,572; Champion Athleticwear, $1,414,407; and E.S. Originals, $1,252,736.


Payless has negotiated a Plan Support Agreement with holders of ... Log in to view full article.


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