Payless drops ‘ShoeSource’ from its name, announces it will open 300 to 500 stores across North America

Payless announced that it is making a comeback in North America, more than a year after the company filed for Chapter 11 bankruptcy in February 2019.

Payless plans to open 300-500 freestanding stores across the continent over the next five years, beginning with its prototype store in Miami, Florida — the new home and headquarters for the company, according to an Aug. 18 news release.

The brand had shuttered 2,000+ North American stores when it filed for bankruptcy.The footwear retailer will be unveiling an immersive e-commerce platform and new brick-and-mortar retail concept stores, according to the news release.

“Payless returns, offering the same, unparalleled commitment to providing value to their community, now across a range of apparel, accessories, and footwear," the company said in the news release.

The relaunch comes a year and half after the company filed for Chapter 11 bankruptcy in February 2019.

RELATED: Report: Payless ShoeSource set to close 2,300 stores

“We saw an opportunity for the brand to relaunch into the US 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,“ said Jared Margolis, CEO of Payless.

In addition to the North America relaunch, Payless is also introducing its “Powered by Payless” initiative, in which the company will partner with select schools across the country “to provide students, teachers and their families with the online connectivity technology, complimentary lunches, and shoes to power the body and mind for this new and different school year ahead.”

RELATED: Payless ShoeSource emerges from Chapter 11 bankruptcy

"We're excited and proud to be in a position to bring the Payless brand back to life to provide parents with the value they need, and kids with the styles they will love, in a way that acknowledges and celebrates every single one of our consumers," Margolis said.

While Payless filed for Chapter 11 bankruptcy before the COVID-19 pandemic, many retailers are struggling as the spread of the novel coronavirus continues to impair economic activity.

Last week, Stein Mart, a discount retailer, filed for Chapter 11 bankruptcy, saying that it plans to close a significant portion or potentially all of its stores.

FOX News contributed to this report.

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