Payless ShoeSource Supports the Future of Hispanic Youth and Celebrates Hispanic Heritage Month with Launch of the New Payless Inspiring Possibilities Initiative

In celebration of Hispanic Heritage Month, which begins on September 15, Payless ShoeSource(R) has launched the Payless Inspiring Possibilities Program and will join together with its shoppers to raise money to support the future of Hispanic youth.

Through the new program, Payless will sell a limited-edition Trilogy necklace for only $4 in more than 650 stores nationwide and Payless.com(R), 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 established with the Hispanic Scholarship Fund (HSF). Payless said it expects to distribute a minimum of a dozen $2,500 scholarships through the new HSF program as a result of the new initiative.

The necklace goes on sale September 1. The unique design features a black corded necklace with three hoops featuring inspirational words in English and Spanish: Believe/Creer, Dream/Sonar, and Inspire/Inspirar.

“Youth and education are critical to the future of our nation,” said LuAnn Via, president and CEO of Payless. “Our efforts in September are focused on supporting Hispanic youth with our Payless Inspiring Possibilities program. The unique, limited-edition Trilogy necklace is available for only $4 — a price point accessible to so many. Together, we are truly celebrating Hispanic Heritage Month and benefiting young Hispanics with strong opportunities for higher education and to help them achieve their goals and make their dreams come true.”

Payless is the nation’s largest specialty footwear retailer with the on-going 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 and making them accessible with affordable price points and then partnering with shoppers by donating 100 percent of the net profits from the sales of the item to the cause.

“We are pleased that Payless has taken a leadership role in providing resources and opportunities to support our future leaders,” said Gary Jimenez, Regional Vice President of the Hispanic Scholarship Fund.

“HSF provides the Hispanic community with more college scholarships than any other organization,” said Gaby Alban, Hispanic spokesperson for Payless. “We at Payless are proud and honored to partner with the HSF in supporting their mission to double the rate of U.S. Hispanics earning college degrees.”

For more information on the Trilogy necklace and/or the Payless Inspiring Possibilities program, please visit www.payless.com/hhm .

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 first quarter 2008, the company operated more than 4,500 stores. In addition, customers can buy shoes over the Internet through Payless.com(R) 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(TM), Airwalk(R), Dexter(R), Champion(R) 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(R), Keds(R), Sperry Top-Sider(R), Robeez(R), and Saucony(R), among others; and Collective Licensing International, the brand development, management and global licensing unit, with such youth lifestyle brands as Airwalk(R), Vision Street Wear(R), Lamar(R), Sims(R), LTD(R), genetic(R), Dukes(TM), Rage(R), Ultra-Wheels(R), and Skate Attack(R). Information about, and links for shopping on, each of the Collective Brand’s units can be found at www.collectivebrands.com .

About HSF
Founded in 1975 as a not-for-profit, the Hispanic Scholarship Fund (HSF) is the nation’s preeminent Latino scholarship organization, providing the Latino community more college scholarships and educational outreach support than any other organization in the country. During the 2007-2008 academic year, HSF awarded almost 4,100 scholarships exceeding $26.7 million. In its 33-year history, HSF has awarded in excess of 86,000 scholarships, worth more than $247 million, to Latinos attending nearly 2,000 colleges and universities in all 50 states, Puerto Rico, Guam and the U.S. Virgin Islands. For more information about HSF, please visit: www.hsf.net . “

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