OTHER NEWS - July 28, 1994
From Times Staff and Wire Reports
May Department Stores to Buy Shoe Chain: The St. Louis-based retailer, the nation’s sixth-largest, said its fast-growing Payless ShoeSource subsidiary will acquire Columbus, Ohio-based Kobacker Co. Terms of the deal were not disclosed. Kobacker, a private retailer, is shedding almost all its assets. Six hundred of the 679 Kobacker stores will be remodeled and reopened. Payless, which represented $2 billion of May’s $11 billion in sales in 1993, will have 4,600 outlets after the acquisition and expansions in the next year. “The newly acquired stores will add significantly to Payless ShoeSource’s nationwide presence, strengthening our position in a number of major markets,” Payless Chairman and Chief Executive Dale Hilpert said.
