Business Services Industry
Despite Odds, Payless CEO Says Company Can Survive Second Chapter 11.
Knight Ridder/Tribune Business News, June, 2001
By Jennifer Mann, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jun. 6--Millard Barron, three years after joining Payless Cashways Inc. as the guy who was going to turn the troubled retailer around, instead finds himself shepherding it through a Chapter 11 bankruptcy, its second in four years.
Clearly, it's a position Barron doesn't want to be in. The odds are sky high against Payless or any other Chapter 11 company being successful.
According to the American Bankruptcy Institute, 85 percent to 87 percent of companies that go into Chapter 11 do not succeed in reorganizing.
The landscape is littered with failed retail Chapter 11s, including Venture Stores Inc., Montgomery Ward & Co., Carter Hawley Hale and...
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