Payless has relaunched, with a slightly different name

The budget shoe store closed more than 2,000 stores in North America last year after filing for its second bankruptcy.
/ Source: TODAY

Good news, shoe lovers!

Payless ShoeSource closed its final stores in the U.S. in June 2019 after filing for bankruptcy, but the shoe retailer announced Tuesday it is returning.

"Today, Payless, the footwear retailer with a 60+ year heritage, is excited to announce its relaunch into the North American market, unveiling an immersive Ecommerce platform and new brick-and-mortar retail concept stores," the company announced in a press release.

As of Tuesday, Payless.com was live, with a message saying "Payless is back" on its main page.

"Formally dropping 'Shoesource' from the brand name, Payless returns, offering the same, unparalleled commitment to providing value to their community, now across a range of apparel, accessories, and footwear," the press release continued.

"We saw an opportunity for the brand to relaunch into the U.S. market, providing our community with the affordable, value driven products they've always searched for, now across multiple categories, at a time when value couldn't be more critical," Payless CEO Jared Margolis said. "Payless is for everyone, and now more than ever, the world needs to pay-less."

"Our goal is to open 300-500 free standing stores across North America over the next five years, beginning with the launch of the first prototype store in Miami, FL, the new home and headquarters for the brand," the company added in its press release.

The company announced in January that it had emerged from Chapter 11 bankruptcy with a plan to reenter the shoe market in the United States. The company had its sights set on making a successful comeback, with Margolis calling the U.S. "our biggest growth opportunity."

Payless filed for bankruptcy in 2017 and again in February 2019 after a failed restructuring plan. The company exited the American market when it closed the last of its 2,000-plus stores in June 2019.

While the chain, which was founded in 1956, hoped to once again have a footprint in the United States, its business remained alive in international markets. Payless currently has more than 700 international stores.

All together, Payless had said in January that its international stores sold 25 million pairs of shoes in the previous 12 months.