June 06, 2017
The CEO of the company since 1988 reassumes the role of president as the latest move in a management realignment that began earlier this spring with the Mar. appointment of Joe Vernachio to lead Mountain Hardwear and former president Bryan Timm’s departure last month.
Under terms of the new confirmation plan, Payless priority claims would be paid in full; first lien secured claims will collect $506.3 million plus control 91% of the new equity and have a pro rata share of the new $280 million loan to fund the company going forward.
Net loss was $10,391,000 against income of $2,771,000 for the first quarter ended Apr. 30 including $22 million in losses and interest expense from Donna Karan, on 16% higher revenues at $529,042,000 vs. $457,403,000.