OTHER NEWS - Dec. 24, 1991
Court OKs Plan for Fayva Operator: Morse Shoe Inc., operator of the Fayva shoe store chain, said a bankruptcy court has approved its plan to reorganize and pay off creditors. Morse filed for protection under Chapter 11 of the federal bankruptcy code in January. The company became burdened with heavy debt after a management-led buyout in 1987. Morse operates 480 Fayva stores and 500 footwear departments in discount and department store chains. Morse stopped operating about 60 outlets as part of the reorganization.
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