TOPEKA, KS -- (Marketwire) -- 09/16/08 -- Collective Brands, Inc. (NYSE: PSS) announced today that it is pleased with the action taken yesterday by Standard & Poor's in revising its outlook to stable from negative and affirming the Company's credit ratings.

The outlook revision reflected the announcement that the monetary award against Collective Brands in the adidas trademark infringement case has been reduced to $65.3 million from $305 million.

About Collective Brands

Collective Brands, Inc. (NYSE: PSS), headquartered in Topeka, Kan., is a leader in bringing compelling lifestyle, fashion and performance brands for footwear and related accessories to consumers worldwide. The company operates three strategic units covering a powerful brand portfolio, as well as multiple price points and selling channels including retail, wholesale, ecommerce and licensing. Collective Brands, Inc. includes Payless ShoeSource, also headquartered in Topeka, focused on democratizing fashion and design in footwear and accessories through its more than 4,500-store retail chain, with its brands American Eagle(TM), Airwalk®, Dexter®, Champion® and designer collections Abaeté for Payless(TM), Lela Rose for Payless(TM) and alice + olivia for Payless(TM), Patricia Field for Payless(TM), among others; Stride Rite, based in Lexington, Mass., focused on lifestyle and athletic branded footwear and high-quality children's footwear sold primarily through wholesaling, with its brands including Stride Rite®, Keds®, Sperry Top-Sider®, Robeez®, and Saucony®, among others; and Collective Licensing International, Englewood, Colo., the brand development, management and global licensing unit, with such youth lifestyle brands as Airwalk®, Vision Street Wear®, Lamar®, Sims®, LTD®, genetic®, Dukes(TM), Rage®, Ultra-Wheels®, and Skate Attack®. Information about, and links for shopping on, each of the Collective Brand's units can be found at http://www.collectivebrands.com.