Collective Brands to Close 475 Stores

Collective Brands — which operates Payless ShoeSource and Stride Rite shoe stores — recently announced plans to close 475 underperforming and low-volume stores over the next three years. Approximately 400 Payless stores will close in the U.S., Canada and Puerto Rico. About 75 Stride Rite locations will close. Additionally, about 270 Payless stores and 45 Stride Rite stores are expected to close by the end of 2011.