Payless (footwear retailer)
 | This article needs additional citations for verification. (October 2008) |
| Payless ShoeSource 2006 logo | |
| Company type | Public (NYSE: PSS) |
|---|---|
| Industry | Retail |
| Founded | 1956 |
| Headquarters | Topeka, Kansas |
Key people | Matthew E. Rubel, Chairman of the Board, President, CEO |
| Products | Shoes, Sandals, Flip Flops, Water Shoes, Socks, Accessories |
| Revenue |  Sales $2.667 Billion USD (FY 2006) |
| $66.40 million (FY 2006) | |
Number of employees | 27,550 |
| Parent | Collective Brands Inc. |
| Website | http://www.payless.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 Sprints 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] It is currently the 98th-largest retailer in America. [2]
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.
The new design (seen above right) has the letter P in a circle. The old Payless logo replaced all of the letter O's with circles. The new design does not do this.
Name Confusion
In states where PayLess Drug Stores operated, Payless ShoeSource was forced to operate under the Volume Shoes name.[citation needed] After Rite Aid bought Thrifty/PayLess, the Volume stores changed to Payless Shoe Source.