Payless ShoeSource
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| Payless ShoeSource | |
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| Type | Public (NYSE: PSS) |
| Founded | 1956 |
| Headquarters | Topeka, Kansas |
| Key people | Howard R. Fricke, Chairman of the Board Matthew E. Rubel, President, CEO |
| Industry | Retail |
| Products | Shoes, Sandals, Flip Flops, Water Shoes |
| Revenue | ▲ Sales $2.667 Billion USD (FY 2006) |
| Net income | $66.40 million (FY 2006) |
| Employees | 27,550 |
| Parent | Collective Brands Inc. |
| Website | http://www.paylessinfo.com/ |
Payless ShoeSource is a discount footwear retailer that was founded in 1956 in Topeka, Kansas. Shaol Pozez and his cousin Louis Pozez founded and operated Payless Shoes. In 1961, it became a public company as the Volume Shoe Corporation. In 1979, Volume Shoe merged with the May Department Stores Company. In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless ShoeSource became an independent, publicly held company. On August 17, 2007, the company acquired The Stride Rite Corporation, and changed its name to Collective Brands, Inc.[1]
Today, Payless is the largest specialty family footwear retailer in the Western Hemisphere. At the end of the first quarter 2006, the company had a total of 4,602 stores. There are stores in all 50 states, as well as in Canada, Puerto Rico, Guam, U.S. Virgin Islands, and nine Latin American countries (Guatemala, El Salvador, Costa Rica, Honduras, Panama, Nicaragua, Ecuador, Dominican Republic and Trinidad). Payless ShoeSource also operates locations inside Shopko stores.
Payless carries brands of footwear such as Airwalk, Champion, Spalding, American Eagle (American Eagle is a house brand of Payless Shoes, not to be confused with American Eagle Outfitters) and Dunkman, endorsed by Shaquille O'Neal. They also carry their own brands of footwear, as well as children's products portraying popular cartoon characters. Lastly, they offer accessories such as socks, belts, backpacks and handbags.
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[edit] Logo Change
On June 27, 2006, Payless announced that it was launching a new logo created to represent a more stylish and contemporary company. This is the first redesign of the Payless logo in about 20 years.
[edit] Name Confusion
In states where PayLess Drug Stores operated, Payless Shoe Source was forced to operate under the Volume Shoes name. After Rite Aid bought Thrifty/PayLess, the Volume stores changed to Payless Shoe Source.[2]
