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Payless ShoeSource is an American discount footwear retailer headquartered in Topeka, Kansas in 1956 by brothers Louis and Shaol Pozez that is owned by Collective Brands, Inc. In 1961, it became a public company as the Volume Shoe Corporation which merged with the May Department Stores Company in 1979. 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. In 2004, Payless ShoeSource announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc.[1] The company had a total revenue for 2011 of Template:Currency.[2] It was announced on May 1, 2012 that the company would be purchased by Wolverine World Wide, Blum Capital and Golden Gate Capital for Template:Currency.[3][2]

HistoryEdit

File:PaylessShoeSource.png

AcquisitionsEdit

Circa 1962-63, Volume Shoe company purchased the original Hill Brothers Shoe Company based in Kansas City, Mo and converted approximately all 25 of their stores to the "Payless" name. In 1971, Volume Shoe obtained the second Hill Brothers Shoe Store chain that was started in St. Louis, Mo in 1956 by Al Melnick and Sol Nathanson with the assistance and aid of the original Hill Brothers in Kansas City. The St. Louis version of "'Hill Brothers Self Service Shoe Store'" went from 3 to 103 stores in the Midwest and South between 1956 and 1971. Volume Shoe originally operated the 103 stores under the "Hill Brothers Self Service" name.

File:Payles ShoeSource Store.JPG

Starting in 1972, Volume Shoe began to consolidate stores in proximity and convert others to the "Payless" brand. The St. Louis operation of "'Hill Brothers Self Service'" stores were known for their bare bones minimalism and the slogan "two for five - man alive!" That is, women and children's shoes were two pair for five dollars.[4]

Payless bought Picway Shoes from the Kobacker department store chain in 1994.[5]

ExpansionEdit

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 rollout of stores in 2012 and beyond.

Singapore, and MalaysiaEdit

In April 2011, Payless launched its first store in Jakarta, Indonesia followed by one store in Kuala Lumpur and Singapore within the same year and under the same management. Up until this article is written, Payless ShoeSource had opened 10 stores.

ReferencesEdit

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  2. Cite error: Invalid <ref> tag; no text was provided for refs named hawleypbj
  3. http://xfinity.comcast.net/articles/finance/20120501/US.Collective.Brands.Acquisition/
  4. Oltrogge, Sarah C. Images of America: East Village. Arcadia Publishing SC: February 2010. Page 43.
  5. http://www.highbeam.com/doc/1G1-15770784.html

External linksEdit

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