Payless Shoe Source

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On April 25, 1996, the Board of Directors of the May Department Stores Company made the decision to distribute Payless ShoeSource common stock. Effective May 1996, Payless will operate as a publicly owned, independent company. With this new venture, Payless Common Stock will be listed on the New York Stock Exchange. Beginning May 1996, approximately 39.9 million shares will be distributed by the Bank of New York at the rate of .16 share of Common Stock for every one share of May common stock held by May common shareowners.
The reason for this distribution is “to permit each of May and the Company to adopt strategies and pursue objectives appropriate to its specific retail segment and to permit the Company to structure incentive and benefit programs to reflect the Company’s performance in order to better attract and motivate its associates.” As a result, Payless will no longer be a subsidiary of or affiliated with May.
This decision should not adversely affect employees or everyday operations in customer service. Payless success has been attributed to the performance on its associates and an experienced board of directors. The company’s future as the largest footwear retailer in the United States is optimistic.
Since 1956, Payless ShoeSource has grown from a small business into a profitable industry with over $2.3 billion in sales in 1995. Customers represent a large segment of America whose incomes represent 85% of the U.S. population. There are currently 4,549 stores in t...

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