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Payless: Payless Shoesource
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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 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 Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless ShoeSource became an independent, publicly held company.
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Today, Payless ShoeSource is the largest specialty family footwear retailer in the Western Hemisphere. The company sold more than 187 million pairs of shoes in fiscal 2004, generating $2.66 billion in net sales. Payless operates stores in all 50 U.S. states, plus Puerto Rico, Guam, Saipan, the U.S. Virgin Islands, Canada, Central America, the Caribbean, South America, and opened its first test store in Japan in November, 2004. Payless stores feature fashionable, quality footwear and accessories for women, men and children at affordable prices in a self-selection format.
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As it was opening 56 more stores in Canada in 2000, bringing the total to 236, Payless began looking south for additional growth. In September 2000 the company entered into a joint venture with local partners to operate Payless ShoeSource stores in the Central American region, specifically Costa Rica, Guatemala, El Salvador, the Dominican Republic, Honduras, Nicaragua, Panama, and Trinidad and Tobago. By January 2004 there were 150 Payless stores in the region. Next, a similar joint venture was created in November 2001 to pursue the South American market. This venture was operating 57 Payless stores in Ecuador, Chile, and Peru by January 2004. In 2003 Payless joined with the Japanese trading company Nichimen Corporation in another venture, which opened a test store in Japan in November 2004.
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"These shopping districts are new for us, but with our new Payless Fashion Lab stores, we feel right at home," said Matt Rubel, chief executive officer and president, Payless ShoeSource. "We are dedicated to democratizing fashion in footwear and accessories to deliver the latest on-trend styles at a great price, and we look forward to serving the shoppers in these new areas with our fun, inspiring new stores and our enhanced seasonal collections."
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Payless ShoeSource, Inc., the largest specialty family footwear retailer in the western hemisphere, is dedicated to democratizing fashion and design in footwear and accessories and inspiring fun, fashion possibilities for the family at a great value. As of the end of the first quarter 2007, the company operated a total of 4,564 stores. In addition to its stores, customers can buy shoes over the Internet at http://www.payless.com.
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Payless ShoeSource, Inc., the largest specialty family footwear retailer in the Western Hemisphere, is dedicated to democratizing fashion and design in footwear and accessories to inspire fun fashion possibilities for the family. As of the end of the second quarter 2007, Payless operated more than 4,500 stores. In addition, customers can buy shoes over the Internet through Payless.com(R) at http://www.payless.com
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Payless Shoesource