Footwear firm Collective Brands has spent the last five years trying to find a stable footing following the company's formation after Payless ShoeSource's acquired Stride Rite in 2007.

After a US$2bn deal was announced this week to sell the business to a consortium made up of Wolverine Worldwide and private equity firms Blum Capital Partners and Golden Gate Capital in a US$2bn deal, just-style charts some of the key themes and events in the company's tumultuous history.

  • In 2011, Collective Brands unveiled plans to shutter 475 Payless and Stride Rite stores as the company swung to a US$35m second-quarter net loss. It then began a strategic review of the company, hiring Perella Weinberg Partners and Kurt Salmon as advisers. 
  • This week, Collective Brands signed a US$2bn deal to sell the business to a consortium made up of Wolverine Worldwide and private equity firms Blum Capital Partners and Golden Gate Capital. Wolverine Worldwide will acquire Collective Brands' Performance + Lifestyle Group (PLG), which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands. Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International (CLI), which will operate as a standalone entity.