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Payless ShoeSource Worldwide, LLC [3] (formerly known as Payless ShoeSource Inc.), is an American multinational discount footwear chain. Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital , and Golden Gate Capital .
Another one bites the dust! The discount shoe chain has filed for Chapter 11 protection on less than $1 billion in assets and $10 billion in liabilities.
Eighteen months after bankruptcy, Payless ShoeSource Inc has hired an adviser to help evaluate strategic alternatives, including a sale or restructuring. Shoe retailer Payless to explore options ...
Payless ShoeSource: 2019–2020 2,500 – all stores in North America and Puerto Rico (2019) Filed February 2019 Emerged January 2020 (second bankruptcy) 700 (Latin and Central America, Caribbean, Southeast Asia, Middle East and India) [55] [56] Pier 1: 2020 Remaining 942 stores Filed February 2020 None [57] Neiman Marcus: 2020 6 Filed May 2020 37
Payless Cashways was a building materials retailer based in Kansas City, United States. The company primarily operated during the 1980s and 1990s, and is considered among the first national chains to implement the DIY strategy.
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As in a partnership or Limited liability company (LLC), the profits of a Limited liability partnership (LLP) are allocated among the partners for tax purposes, avoiding the problem of "double taxation" often found in corporations. Some US states have combined the LP and LLP forms to create limited liability limited partnerships.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]