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Payless ShoeSource expands to Middle East

By Associated Press
March 31, 2009 | Comments (0)

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Retailer Payless ShoeSource, a unit of Collective Brands Inc., said Tuesday it opened stores in Kuwait and Saudia Arabia, marking the company's entry into the Middle East.

The company has arranged a franchise agreement with M.H. Alshaya Co. in which Payless provides Alshaya retail operations and merchandise expertise. Alshaya provides staffing and construction, among other services.

Chief Executive Matthew Rubel said the openings are a "significant milestone" in the company's international expansion.

The stores will carry shoes and accessories for women, men and children, with brands such as Airwalk, American Eagle, and Smartfit.

Payless has more than 4,500 stores in countries that include U.S., Canada, Central America, the Caribbean and South America.

Shares of Collective Brands slipped 10 cents to $9.80.

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