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NEW YORK–Payless ShoeSource, the nation?s largest shoe chain, Wednesday announced that it will close division offices in Atlanta, Baltimore, Chicago and Dallas, and that company president Ken Hicks plans to leave in February. The moves come as the Topeka, Kansas-based retailer, which operates Payless and Parade shoe stores, said fiscal third-quarter profits fell 59%, beset by “diminishing sales and dwindling consumer confidence.”
Duane Cantrell, a 23-year Payless veteran, has been named to replace Hicks. The closings and related job cuts are expected to save Payless $10 million, according to the company.
“Hopefully
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