US footwear retailer Payless ShoeSource plans to target growth in Asia and Latin America after successfully emerging from Chapter 11 bankruptcy last week.

The company says it has a stronger balance sheet and a streamlined store network after completing its life-saving restructuring under Chapter 11 protection over the past four months.

Payless has closed 700 stores and eliminated US$435 million in debt, about half what it owes. It is left with a sizeable 3500 stores remaining internationally.

The company says now it is on a more stable footing it will be pursuing growth in Asia and Latin America, and developing its online offer. But it has not provided any more specific details.

Payless ShoeSource announced CEO Paul Jones will retire after the successful exit from Chapter 11. The company will be led by a executive committee comprising Martin R. Wade, the company’s chairman and interim CEO, COO Mike Vitelli and CFO Michael Schwindle until such time as a new CEO is appointed.

“In a year where so many major retail companies have filed for Chapter 11 restructurings, Payless is the first to successfully emerge as a stronger and healthier enterprise for the benefit of its customers, employees, suppliers, business partners, and lenders,” said Jones in a statement.

“That is a testament to the hard work and dedication of everyone at Payless, and I thank them for the honour of having worked with them over these past five years. Our new owners believe wholeheartedly in the future of Payless, and I am confident that they will identify a new leader who will complement our outstanding and deeply committed management team, while sparking new ideas and approaches.”