Ayrton Oneill
Payless ShoeSource, an American multinational discount footwear chain, has had its fair share of ups and downs since its establishment in 1956. The company has gone through bankruptcy, restructuring, and rebranding over the years, but it has managed to stay in business. With a diverse collection of globally recognized brands, Payless offers a wide range of shoes, including athletic shoes, sneakers, and casuals for men, women, and children. But does Payless sell basketball shoes?
| Characteristics | Values |
|---|---|
| Company | Payless ShoeSource Worldwide, LLC |
| Founded | 1956 |
| Founders | Cousins Louis and Shaol Pozez |
| Type of Business | Multinational discount footwear chain |
| Current Status | Active; emerged from bankruptcy in 2020 |
| E-commerce | Yes; relaunched in 2020 |
| Physical Stores | Yes; between 300-500 stores in North America |
| Brands Sold | Airwalk, American Eagle, Rugged Outback, Cross Trekkers, Dexter/DexFlex, Comfort Plus, Hunter's Bay, etc. |
| Product Range | Sneakers, athletic shoes, casuals, boots, dress shoes, etc. |
| Target Audience | Men, women, and children |
| Basketball Shoes | Yes; available for boys |
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What You'll Learn
Payless ShoeSource's history
Payless ShoeSource, now known simply as Payless, is an American multinational discount footwear chain. It was established in 1956 by cousins Louis and Shaol Pozez in Topeka, Kansas, as Pay-Less National. The original business model involved selling budget footwear in self-service stores. In 1961, it became a public company as the Volume Shoe Corporation, which bought out the original Hill Brothers Shoe Company in 1962 or 1963, converting all 25 of their stores to the "Payless" name. In 1971, Volume Shoe acquired a second Hill Brothers Shoe Store chain, based in St. Louis, Missouri. In 1972, Volume Shoe began to consolidate stores in proximity and convert others to the "Payless" brand. In 1979, Volume Shoe merged with The May Department Stores Company. In 1996, May spun off Payless to shareholders, making it an independent, publicly traded firm once again.
In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. During the 2000s, Payless purchased several companies, including Stride Rite Corporation, which owned the Sperry Top-Sider and Keds brand names, as well as Saucony. On August 16, 2007, the company changed its name to Collective Brands, Inc. As of 2020, Payless is owned by a group of investors led by Alden Global Capital and Axar Capital Management.
In April 2017, Payless filed for Chapter 11 bankruptcy and closed 673 stores nationwide. The company emerged from bankruptcy court protection in August 2017. On January 16, 2020, Payless emerged from bankruptcy, with plans to re-launch a U.S. e-commerce site and open between 300 and 500 free-standing stores in North America over the next five years. On August 18, 2020, Payless relaunched its e-commerce website and officially dropped "ShoeSource" from its name.
Payless is the largest specialty family footwear retailer in the Western Hemisphere, offering a wide range of shoes and accessory items at affordable prices. The company has a strong tradition of giving back to the communities where its associates work and live, including donating more than $1 million in shoes each year since 2008 to children in need through its Payless Gives Shoes 4 Kids campaign.
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Basketball shoes for boys
In terms of style, basketball shoes come in low, mid, and high-top designs, each offering different levels of coverage, flexibility, and ankle support. Mid-top basketball shoes are a popular choice among kids as they provide a balance of coverage, ankle support, flexibility, and comfort. When it comes to fit, it's important to find the right size to ensure comfort and performance on the court.
Adidas offers a wide range of high-quality, high-performance boys' basketball sneakers. Their collection includes lightweight models like the D.O.N. Issue #1, designed for agility, and durable styles like the Pro Model 2G, which provides stability and support. Adidas shoes feature bold prints, patterns, and classic colorways, ensuring there is something for every taste.
While I couldn't find specific information about Payless selling basketball shoes for boys, Payless ShoeSource is a well-known discount footwear chain that offers a range of shoes for men, women, and children. They have an online store and physical locations in North America, the Eastern Caribbean, and Australia.
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Payless' financial struggles
Payless ShoeSource, an American multinational discount footwear chain, has had a long history of financial struggles, eventually filing for bankruptcy in 2017. The company's troubles can be attributed to a range of factors, including the shift to e-commerce, competition from Amazon, and changing consumer preferences. However, one of the most significant contributors to its financial woes was the impact of private equity ownership.
In the lead-up to its bankruptcy, Payless struggled with mounting debt and a downgraded credit rating. The company was heavily impacted by a private equity buyout, which left it with inadequate technology, rundown stores, and a lack of financial cushion to adapt to the changing retail landscape. Poor decision-making by financiers with little experience in the industry further exacerbated the situation. For example, in 2019, Payless purchased a million pairs of World Cup-branded flip-flops, despite warnings from supply managers about the product's relevance and timing. This resulted in steep markdowns and significant losses for the company.
The financial struggles of Payless had far-reaching consequences, particularly for its suppliers and business partners. In 2018, reports emerged that Payless owed significant amounts of money to companies and factories in Taiwan and China, respectively. A China-based agent revealed that Payless was a top revenue source for multiple China-based factories, and their unpaid debt was causing significant strain. Additionally, there were concerns that if Payless were unable to pay its debts, dozens of companies doing business with them could be at risk of bankruptcy.
In April 2017, Payless filed for Chapter 11 bankruptcy, closing 673 stores nationwide. Despite this setback, the company successfully restructured and emerged from bankruptcy court protection in August 2017. However, Payless continued to face challenges, and in early 2019, it entered its second bankruptcy, liquidating its stores in the United States. Finally, on January 16, 2020, Payless emerged from bankruptcy once again, relaunching its e-commerce website and announcing plans to open hundreds of new stores in North America.
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Payless' global presence
Payless ShoeSource Worldwide, LLC (formerly known as Payless ShoeSource Inc.) is an American multinational discount footwear chain founded in 1956 by cousins Louis and Shaol Pozez. Over the years, Payless has expanded its global presence and established itself in various countries and regions.
North America
In North America, Payless had a significant presence in the United States and Canada. In 2019, Payless closed all 2,100 of its stores in the United States and 248 stores in Canada. However, in 2020, Payless emerged from bankruptcy and relaunched its e-commerce website, focusing on online sales and planning to open new freestanding stores in North America.
Latin America
Payless has a strong presence in Latin America, with 790 stores across the region as of 2019. The company's stores in Latin America were not affected by the bankruptcy and store closures in the United States and Canada.
Caribbean
Payless has expanded its presence in the Eastern Caribbean region. In 2014, the company opened its first store in St. Lucia at the Baywalk Mall in Gros-Islet and currently has two stores on the island. Additionally, Antigua, Grenada, St. Kitts, Dominica, and St. Vincent each have one Payless store.
Australia
In 2013, Payless ShoeSource expanded its global presence by acquiring Payless Shoes Australia, which had been operating since 1980. This acquisition added 150 stores to Payless's portfolio in Australia.
Global Brand Development
Payless Holdings, the parent company of Payless ShoeSource, also owns Collective Licensing International (CLI), a global brand development and licensing company. CLI specializes in building and growing brands such as Airwalk, Above The Rim, Clinch Gear, Vision Street Wear, and SIMS. Through CLI, Payless has a global reach and the ability to develop and license brands internationally.
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Payless' brand acquisition
Payless ShoeSource Worldwide, LLC, formerly known as Payless ShoeSource Inc., is an American multinational discount footwear chain. It was established in 1956 by cousins Louis and Shaol Pozez as Pay-Less National, with the goal of opening self-service stores selling budget footwear. In 1961, it became a public company as the Volume Shoe Corporation, which was acquired by The May Department Stores Company in 1979.
In 1996, Payless became an independent publicly held company once again. In 2004, Payless announced it would be closing hundreds of its outlets, including those of its subsidiary, Parade. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc.
In 2012, Collective Brands, Inc. was purchased by Wolverine World Wide, Blum Capital, and Golden Gate Capital for $1.32 billion. This acquisition was valued at $2 billion, including debt. As a result, Payless ShoeSource and Collective Licensing International became a private, standalone entity known as Payless Holdings.
In 2017, facing the migration of retail shopping to e-commerce, Payless filed for Chapter 11 bankruptcy and closed 673 stores nationwide. The company emerged from bankruptcy court protection in August 2017 and completed the restructuring process in January 2020. On August 18, 2020, Payless relaunched its e-commerce website and officially dropped 'ShoeSource' from its name. The company also announced plans to open between 300 and 500 new stores in North America over the next five years.
In terms of brand acquisition, Payless has made several significant moves. In 2006, the company purchased the footwear brand Robeez. Additionally, Payless has been a licensee of the Airwalk brand since 2003 and has featured it on a wide range of footwear and accessories. In 2019, the Authentic Brands Group acquired some assets from Payless's division, Collective Licensing International, including brands such as Airwalk, Hind sports clothing, and Vision Street Wear.
In summary, Payless has a long history of acquisitions and brand development, with a focus on providing a wide range of footwear and accessories at affordable prices. The company has faced financial challenges in recent years but has emerged from bankruptcy and is working to expand its business through strategic acquisitions and a renewed focus on e-commerce.
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Frequently asked questions
Yes, Payless sells basketball shoes for boys.
Yes, Payless sells a variety of athletic shoes for running, soccer, and skateboarding.
Yes, Payless has a diverse collection of globally recognized brands such as Airwalk, American Eagle, Rugged Outback, Cross Trekkers, and more.
Payless is a discount footwear chain, offering quality, stylish, and affordable footwear without straining your wallet.
