Battered by weak sales, a liquidity crunch and reduced inventory flow from its factories, the Payless management determined that a restructuring of the 2,500-store North American operation was not feasible given the substantial investment needed to make it competitive, but the profitable Latin American stores and a network of profitable franchised stores throughout the Middle East, Africa and Asia will continue. Payless will be retaining certain functions in administration and sourcing that will continue to support the ongoing parts of the business while commencing aggressive liquidation of the North American stores to take advantage of the Easter selling season. While ... Log in to view full article.