Payless ShoeSource supports the future of African American and other minority youth with launch of Inspiring Possibilities Scholarship Program

FOR IMMEDIATE RELEASE

Retailer Sells Limited-Edition I Believe Necklace for $4, Donates 100 Percent of the Net Profits to New Scholarship Program Established with the National Urban League’s Project Ready Program

TOPEKA, Kan., Feb. 3, 2009 – In celebration of Black History Month this February, Payless ShoeSource® has launched the Payless Inspiring Possibilities Scholarship program and will join together with its shoppers to raise money to support the future of African American and other minority youth.

Through the new program, Payless is selling a limited-edition I Believe necklace for only $4 in more than 800 stores nationwide and Payless.com®, while supplies last, and will donate 100 percent of the net profits of necklace sales, with a minimum donation of $35,000, to a newly developed scholarship program established with the National Urban League (NUL). This is the first-ever retail partnership for the NUL. Payless said it expects the NUL to distribute a minimum of a dozen $2,500 scholarships to African American and other minority youth through its signature program, Project Ready.

The limited-edition necklaces, available now in stores and on payless.com, feature a unique silver-toned loop-link “Rolo” chain and three charms including a silver-toned square inscribed with the inspiring message “Believe” on one side and “Dream” on the other, offset by a large shell-like medallion and accented by a smaller red disc.

“Youth and education are critical to the future of our nation,” said LuAnn Via, president and CEO of Payless. “Our efforts this February are focused on supporting African American and other minority youth with our Payless Inspiring Possibilities Scholarship program. The unique, limited-edition I Believe necklace is available for only $4 — a price point accessible to so many. Together, we are truly celebrating Black History Month with this fun, fashionable and affordable item and benefiting youth in the process – providing strong opportunities for higher education and financial support to help make academic dreams come true.”

“The National Urban League is pleased to partner with Payless ShoeSource on this scholarship program,” said Marc H. Morial, president and CEO of the National Urban League. “It is essential that we invest in young people in urban communities and help them continue their educational pursuits. This cause-related campaign marks the first partnership of its kind in the National Urban League‘s 100 year history. We are happy that Payless and its customers are joining us and supporting this unique initiative.”

Payless is the nation’s largest specialty footwear retailer with the ongoing mission to democratize fashion and design in footwear and accessories. Since 2004, Payless has established formal programs to support important causes by selling unique, on-trend items, making them accessible with affordable price points, and partnering with shoppers by donating 100 percent of the net profits from the sales of the item to the cause. Various programs are run throughout the year benefiting the New York City-based Fresh Air Fund, Hispanic Heritage Month with partner Hispanic Scholarship Fund in September and Breast Cancer Awareness benefiting Susan G. Komen for the Cure® in October, among other programs.

For more information on the I Believe necklace or the Payless Inspiring Possibilities Scholarship program, please visit www.payless.com/bhm.

About Payless
Payless ShoeSource, Inc., a unit of Collective Brands, Inc., is the largest specialty family footwear retailer in the Western Hemisphere and is dedicated to democratizing fashion and design in footwear and accessories and inspiring fun, fashion possibilities for the family at a great value. As of the end of third quarter 2008, the company operated more than 4,500 stores. In addition, customers can buy shoes over the Internet through Payless.com® at www.payless.com.

Collective Brands, Inc. (NYSE: PSS) is a leader in bringing compelling lifestyle, fashion and performance brands for footwear and related accessories to consumers worldwide. The company operates three strategic units covering a powerful brand portfolio, as well as multiple price points and selling channels including retail, wholesale, ecommerce and licensing. Collective Brands, Inc. includes Payless ShoeSource, focused on democratizing fashion and design in footwear and accessories through its more than 4,500-store retail chain, with its brands American Eagle™, Airwalk®, Dexter®, Champion® and designer collections Abaeté for Payless, Lela Rose for Payless and alice + olivia for Payless, among others; Stride Rite, focused on lifestyle and athletic branded footwear and high-quality children’s footwear sold primarily through wholesaling, with its brands including Stride Rite®, Keds®, Sperry Top-Sider®, Robeez®, and Saucony®, among others; and Collective Licensing International, the brand development, management and global licensing unit, with such youth lifestyle brands as Airwalk®, Vision Street Wear®, Lamar®, Sims®, LTD®, genetic®, Dukes™, Rage®, Ultra-Wheels®, and Skate Attack®. Information about, and links for shopping on, each of the Collective Brand’s units can be found at collectivebrands.com

About National Urban League
National Urban League (www.nul.org) Established in 1910, The Urban League is the nation’s oldest and largest community-based movement devoted to empowering African Americans to enter the economic and social mainstream. Today, the National Urban League, headquartered in New York City, spearheads the non-partisan efforts of its local affiliates. There are over 100 local affiliates of the National Urban League located in 35 states and the District of Columbia providing direct services to more than 2 million people nationwide through programs, advocacy and research.

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