Collective Brands Inc.

Payless ShoeSource Inc.

Type	Private
Industry	Shoes, socks, accessories
Founded	1956; 61 years ago (1956)
Founders	Louis Pozez Shaol Pozez
Headquarters	Topeka, Kansas
Number of locations	4,496 (2012)
Revenue	US$ 3 billion (FY 2015)
Net income	US$ 97.3 million (FY 2010)
Owners	Blum Capital Golden Gate Capital
Number of employees	25,000 (2015)
Website	Payless ShoeSource

Payless ShoeSource Inc. is an American discount footwear retailer headquartered in Topeka, Kansas. Established in 1956 by cousins Louis and Shaol Pozez, Payless is a privately held company owned by Blum Capital, and Golden Gate Capital. 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. The company had a total revenue for 2011 of US$ 3.4 billion.

It was announced on May 1, 2012 that the company would be purchased by Wolverine World Wide, Blum Capital, and Golden Gate Capital for US$1.32 billion. On December 13, 2016 it was reported that all Payless shoe stores were to be closed in Australia with the loss of 730 jobs. On July 14, 2014 Authentic Brands Group acquired some assets from Payless ShoeSource's division Collective Licensing International, LLC, which included brands such as Airwalk, Hind sports clothing, Vision Street Wear, and Above The Rim. As of Wednesday April 5, 2017, Payless Shoesource has filed for Chapter 11 Bankruptcy and is closing 400 stores in the United States, part of a trend of retail closures in 2016-2017 known as the retail apocalypse.