Payless ShoeSource
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| Type | Public (NYSE: PSS) |
|---|---|
| Industry | Retail |
| Founded | 1956 |
| Headquarters | Topeka, Kansas |
| Number of locations | 4,523 (2010)[1] |
| Key people | LuAnn Via, CEO[2] |
| Products | Shoes, Sandals, Flip Flops, Water Shoes, Socks, Accessories |
| Revenue |  Sales $3.32 Billion USD (FY 2010) |
| Net income | $97.30 million (FY 2010) |
| Employees | 13,500 |
| Parent | Collective Brands Inc. |
| Website | http://www.payless.com |
Payless ShoeSource is an American discount footwear retailer founded 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.[3] Collective Brands is traded on the New York Stock Exchange under the symbol PSS. The company had a total revenue for 2011 of US$3.4 billion.[4] 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.[5][4]
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History [edit]
Acquisitions [edit]
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.
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.[6]
Payless bought Picway Shoes from the Kobacker department store chain in 1994.[7]
Expansion [edit]
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.
Barbados [edit]
In 2012 Payless expanded into the Barbados market by opening the first ten-employee store at Haggatt Hall, St. Michael. The group's CEO announced four more are also planned to open, and this will increase its local operations to 50 employees.
Jamaica [edit]
Payless Shoe source has also opened 3 new stores in Jamaica.
Philippines [edit]
In July 2010 Payless opened 9 stores in the Philippines.
Indonesia, Singapore, and Malaysia [edit]
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 is operating 3 stores in Singapore, 8 stores in Malaysia, and 19 stores throughout Indonesia. Few more stores in the three countries are to open this year.
Thailand [edit]
Central Marketing Group (CMG), a business unit of the Central Group, has signed a franchise agreement with Kansas-based Payless ShoeSource that will see outlets next year in Bangkok - Chonburi, making Thailand its 15th franchise country. It will also adopt Payless's new Hot Zone format and purchase products directly from the seasonal assortments, with slight adjustments for local needs.[8]
References [edit]
- ^ Collective Brands 2010 Annual Report
- ^ http://www.collectivebrands.com/news-and-press/2011/06/michael-massey-named-interim-chief-executive-officer-and-scott-olivet-becomes
- ^ http://findarticles.com/p/articles/mi_m4PRN/is_2007_August_17/ai_n19452625. Missing or empty
|title=(help)[dead link] - ^ a b Hawley, Brenna (May 1, 2012), "Payless ShoeSource owner agrees to $2B sale", Kansas City Business Journal, bizjournals.com, retrieved May 27, 2012
- ^ http://xfinity.comcast.net/articles/finance/20120501/US.Collective.Brands.Acquisition/
- ^ Oltrogge, Sarah C. Images of America: East Village. Arcadia Publishing SC: February 2010. Page 43.
- ^ http://www.highbeam.com/doc/1G1-15770784.html
- ^ http://www.bangkokpost.com/business/retail/269054/cmg-walks-off-with-payless-franchise CMG walks off with Payless franchise Published: 3/12/2011
