Shareholders in footwear retailer Collective Brands have approved a deal to sell the company to Wolverine Worldwide and two private equity firms.

At a meeting held yesterday (21 August), the company's shareholders approved the agreement and planned merger, according to an SEC filing.

In May, Collective Brands agreed to sell the company to Wolverine Worldwide and investment firms Blum Capital partners and Golden Gate Capital in a US$2bn deal worth $21.75 per share.

Wolverine will now operate Collective Brands Performance + Lifestyle Group, including the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands.

Meanwhile, Blum Capital and Golden Gate will take on the operations of Payless Shoesource and Collective Licensing International, which is expected to operate as a standalone entity.

Payless will continue to be headquartered in Topeka, Kansas and CLI in Englewood, Colorado.