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Payless Shoe Source Finds a Buyer

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After hitting a rough patch last year, Collective Brands Inc., owner of Payless Shoe Source and Stride Rite stores, has finally found a buyer.

According to the Seattle Times, private equity firms Blum Capital and Golden Gate Capital, in partnership with Hush Puppies owner Wolverine Worldwide Inc., will acquire Collective for about $1.32 billion. The new owners plan to split the company's retail and brand development divisions into two separate firms.

"Payless is exactly the type of company in which we seek to invest - a strong brand with unparalleled global scale at an important inflection point in its evolution," Josh Olshansky, a Golden Gate managing director, said.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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