Collective Brands Reports 4Q Losses

Topeka, Kan. Collective Brands, the company that operates Payless ShoeSource and Stride Rite footwear stores, said Wednesday that same-store sales declined 6.8% at Payless on a comparable calendar basis.

Collective Brands warned that in the next six to nine months, same-store sales may miss long-term goals.

In related news, Collective Brands said about 180 employees would lose their jobs due to the closure of two North American distribution centers. The company said it plans to create about 130 new jobs at two other distribution centers.