Payless ShoeSource to franchise in Philippines

AP News
Posted: Dec 01, 2009 4:28 PM

Shoe and accessories retailer Payless ShoeSource Inc. said Tuesday that it will begin selling shoes in the Philippines as part of an international expansion.

Payless will work with Stores Specialists Inc., which is based in Manila, the capital of the Philippines, to open its first store there by mid-2010. Terms of the partnership were not disclosed.

Plans include opening five stores to start and more to follow.

Payless, a unit of Collective Brands Inc., also plans to open franchised stores in the Middle East and Russia next year.

Shares of Collective Brands, based in Topeka, Kan., rose 65 cents, or 3.3 percent, to $19.99 in late afternoon trading Tuesday.