“We are moving forward with them,” Madden CEO Ed Rosenfeld said of the firm’s Payless partnership.
“With the Chapter 11 filing, the company has taken steps to lay a strong foundation for the future,” Priest wrote.
“I dress people that I can support,” the designer said.
The bankrupt retailer’s business partners promise “significant discounts.”
The retail industry lost nearly 30,000 jobs in March.
When the largest family footwear retailer in the U.S. files for bankruptcy, implications are to be expected.
The company’s total debt lands between $1 billion and $10 billion.
After months of speculation, the retailer has pulled the trigger.
A filing & formal restructuring plan could address concerns from disgruntled Payless vendors & agents.
The company raised concerns about its financial future in a 10-K filing on Tuesday and then tried to ease fears on Wedneday.