Payless ShoeSource To Open Stores In Middle East

CNNMoney:

Collective Brands Inc., parent of Payless ShoeSource, said Wednesday it signed a deal with M.H. Alshaya to help bring its brand of inexpensive footwear to the Middle East.

Financial terms were not disclosed.

The multiyear agreement calls for Payless stores to begin opening next year in areas including the United Arab Emirates, Egypt and Saudi Arabia.

M.H. Alshaya, a Middle East retail franchisee, and Payless anticipate that the region may eventually contain more than 200 Payless stores.

Payless, which opened four new stores in Bogota, Colombia last month, plans to add more than 35 new stores in the country within the next 18 months.

The footwear retailer has a total of more than 4,500 stores, with more than 600 international locations.