Jan. 16 (UPI) -- Payless ShoeSource announced Thursday it is emerging from bankruptcy and has appointed a new executive team.
The footwear retailer will be led by new CEO Jared Margolis, former president of the licensing agency CAA-CBG, and a joint venture between accessories, footwear and apparel company Global Brands Group and Creative Arts Agency.
"We intend to leverage Payless' existing infrastructure, which is best in class and already includes product design and development, distribution, marketing and a strong relationship with footwear manufacturers. Thus, providing the new Payless with the ability to be nimble, innovative and to fast-track our biggest growth opportunity: The United States," Margolis said.
Payless filed for Chapter 11 bankruptcy in February, closing all 2,500 of its North American stores.
The bankruptcy process did not affect the 710 brick and mortar stores Payless operates in more than 30 other countries in regions such as the Middle East, Southeast Asia and Latin America. Payless sold about 25 million pairs of shoes in the past 12 months internationally.
Justo Fuentes, former president of BATA Latin America, will serve as the new head for Payless' Latin American business unit.
"We look forward to continuing our success in Latin America," said Fuentes. "In the past year, we have implemented many new strategies to increase our market share and in-store footprint in the region and in 2020 we are going to build upon this even further."