Twice-bankrupt Payless is trying again — and plans to open 400 stores over the next 5 years

• Payless Worldwide Inc., formerly known as Payless ShoeSource Inc., announced on Tuesday that it will open 400 stores in the next five years.
• The first store location plans to open in South Florida as a part of the company's third comeback attempt.
• Payless released a new video on its website to celebrate the announcement.

Payless Worldwide Inc. on Tuesday announced that it's pursuing a restart even as the coronavirus pandemic continues to make operations difficult for a handful of retail companies.

Formerly called Payless ShoeSource Inc. before filing for bankruptcy in February 2019, the global discount footwear chain has laid out a plan to open over 400 new stores across North American in the next five years as its third comeback gets underway.

"Starting from scratch puts us in a good position," Payless CEO Jared Margolis said in a report by the Wall Street Journal. "Payless has a brand that people know, and it's betting on that recognition to get consumers to pay attention in a crowded market."

The company plans to open its first new location in Miami, according to the Wall Street Journal, while hoping to reshape its brand and overall image of selling low-priced shoes.

"Payless never did a great job of educating consumers about its products," Margolis said, referencing the company's prior business miscues after it previously closed approximately 2,500 stores. "These are inexpensive shoes, but that doesn't mean we can't create a cool, fun experience."

Payless released a new video on its website to celebrate the news.