Pic ‘N’ Pay Stores to Acquire Shoe City
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MONTGOMERY, Ala. — Pic ‘N’ Pay Stores Inc., a Southeast shoe chain, has agreed to pay $27.2 million for bankrupt Shoe City.
A bankruptcy court Friday awarded the acquisition to Pic ‘N’ Pay over Shoe City founder Albert Capp after the offer won the backing of a creditors committee and Shoe City’s largest creditor, the Bank of New York.
Under the Pic ‘N’ Pay offer, unsecured creditors of Montgomery-based Shoe City are to receive about 90 cents on the dollar.
Shoe City has 325 stores in 11 Southeastern states.
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