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Payless: Payless Shoesource
built 655 days ago
On May 30, 2007, Payless ShoeSource, Inc., a Delaware corporation, issued a press release announcing its first quarter results for fiscal 2007, which ended May 5, 2007. The full text of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
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Payless ShoeSource was founded in 1956 in Topeka, Kansas, by two cousins who perfected a revolutionary idea: selling shoes in a self-service environment. Their self-service format allowed consumers to browse and try on shoes without waiting for sales help. More than four decades later, that idea continues to provide millions of shoppers a convenient, friendly experience.
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Early in 1999 Ken C. Hicks was named president of Payless ShoeSource, having most recently served as executive vice-president of Home Shopping Network, Inc., the Florida-based electronic retailer. Jolosky was appointed vice-chairman. He retained a seat on the board of directors and focused his attention on product development and Parade of Shoes. Meantime, the company ventured into e-commerce in 1999 by offering shoes for sale at its payless.com web site. In another growth initiative Payless entered into a joint venture with ShopKo Stores Inc., a discount retailer based in Green Bay, Wisconsin. Payless began operating shoe departments inside ShopKo stores under the Payless ShoeSource name.
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Under the terms of the transaction, Payless ShoeSource would acquire all of the outstanding shares of Stride Rite for approximately $800 million plus assumed debt. The acquisition will be financed through existing cash resources and committed new financings.
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In June, Payless ShoeSource and ABT were recognized for their collaboration with a 2007 Encore Award from the Arts and Business Council of New York, a division of Americans for the Arts. The Encore Awards celebrate innovative partnerships between the arts and business that strengthen both sectors and the communities they serve.
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Payless ShoeSource is on a mission to democratize fashion and design in footwear and accessories. Brands for Payless include Airwalk®, American Eagle™, Champion®, Dexter®, Tailwind® (through the Exeter Brands Group of Nike Inc.), Disney®, Shaquille O’Neal-endorsed Dunkman™, ABT for Spotlights, and designer collections: Abaeté for Payless, Lela Rose for Payless and alice + olivia for Payless.
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