Boca Raton, Fla. -- Office Depot announced that Michael J. Massey, previously CEO and president of Collective Brands, has been nominated to join the board. He...
Michael J. Massey
Topeka, Kan. -- Collective Brands Inc., parent of Payless ShoeSource, reported Monday that it swung to a loss of $114.3 million in the quarter ended Oct. 29, compared with a profit of $47.6 million in the year-ago period. Excluding a tax-related charge, the retailer would have gained $37.1 million in the quarter. Revenue edged up 1.4% to $894.4 million, missing Wall Street’s expected $908.1 million in revenue. Sales were weighed down by Payless, where they fell 5.1%. Same-store sales in the United States dropped 3.7%, and the decline was 4.5% at Payless units. As announced previously, the company reiterated
Topeka, Kan. -- Collective Brands, parent to the Payless ShoeSource and StrideRite brands, announced Wednesday that its chairman and CEO Matthew E. Rubel has resigned, effective immediately. Rubel said in a release that he is leaving to pursue “a new chapter” in his career, and the company has offered no additional explanation. Collective Brands said it is searching for a permanent replacement. Rubel, who hailed from the Cole Haan division of Nike, assumed the CEO position for Collective in 2005. The company has struggled with weak customer traffic in the United States recently, although wholesale operations and international business