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In 2004, Payless announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc. [4] [5] As of 2020, Payless is owned by a group of investors led by Alden Global Capital and Axar Capital Management. [6]