Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital, and Golden Gate Capital. In 1961, it became a public company as the Volume Shoe Corporation which merged with The May Department Stores Company in 1979.

Payless - Our motto: When in doubt, buy 'em all.

Amid the fitness and sneaker crazes of the 1980s, Payless found success with its Pro Wings sneakers. Selling for just $15 to $20, the sneakers featured Velcro straps instead of laces - and with their price and practicality became a popular choice among schoolchildren. Payless ShoeSource Inc.

But it also faced profound challenges. Many malls and shopping centers were entering a death spiral, with falling foot traffic, store closings and underinvestment. People were increasingly buying shoes online, along with most everything else. Payless had underinvested in its information technology infrastructure.

Target: 'Expect More. Pay Less.'

HOUSTON – Payless is back. The shoe retailer, which has formally dropped the name “Shoesource” from its brand name, announced in a press release Tuesday that it is opening new online retail options and new brick-and-mortar locations.

Payless had uninspiring stores, me-too merchandise, look-alike marketing and did not execute well. Retailers that fail to become more remarkable are destined to experience a similar fate.

As in any corporate failure, there is no one cause. Over seven years, Payless went through a wringer of private equity and hedge fund stewardship that left it with inadequate technology, run-down stores and no financial cushion to survive an era of upheaval in retail.

Brands guests love True to our “Expect More. Pay Less.” brand promise, we aim to create an unparalleled product assortment that goes beyond the basics. That means providing guests with high-quality designs they're proud to buy, at affordable prices they love.

A slogan makes your advertising message to your audience clear. It builds brand identity, which you can use to increase brand recognition. Slogans can make a measurable difference in your sales and in your bottom line.

Payless did not evolve with the market. The Payless private label shoe selection became less and less competitive, offering repetitive shoe offerings while other budget retailers seasonally offered up-to-date, fashionable shoes, at similar price points.

Payless Relaunches in North America After Closing Over 2,000 US Stores and Filing for Bankruptcy. Payless has officially returned to the North American market after filing for bankruptcy in April 2017 and again in February 2019.