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Payless Shoes Poised for Buyout at 76% Sales Discount Real M&A

19. září 2011 v 4:27


Collective Brands Inc., owner of the Payless ShoeSource chain, may lure private equity buyers as it trades at a 76 percent discount to its sales.

Collective Brands, which is reviewing "a full range" of plans to bolster shareholder value after falling 36 percent this year, has a price-to-sales multiple that's cheaper than 96 percent of U.S. apparel and shoe retailers greater than $500 million, according to data compiled by Bloomberg.Since there are many kinds of Lacoste shoes in the market, you are highly recommended to learn about the difference of the replica one and the authentic piece if you are going to buy one of high quality While the Topeka, Kansas-based company has the most debt relative to earnings in the industry, revenue is projected to climb to a record this year and next.

The company's same-store sales have dropped for four straight years as Payless customers cut back on spending amid the highest unemployment rate since 1983. While Collective Brands' debt may deter some buyers, a leveraged buyout firm would get wholesale brands from Saucony to Sperry Top-Sider that Morningstar Inc. estimates are worth $1 billion, more than the $813 million market value of the entire company.

"It's definitely a cheap stock right now," Paul Swinand, an analyst for Morningstar in Chicago, said in a telephone interview. "For somebody to want the core Payless business they would need to have a strong stomach for turnarounds,he Nike Zoom Huarache is one of the most colorful shoes in the Nike 'Mid-size' dunks family which is why it makes more sense for a private equity buyer. In order to make money you need to take risk, and to me, the risk-reward here is not bad."

The board of directors, along with advisers Perella Weinberg Partners LP and Kurt Salmon, will explore strategic and financial alternatives to boost shareholder value, Collective Brands announced Aug. 24.
 

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