Payless ShoeSource will be buying Stride Rite Corp, including its brands Keds, Sperry and Tommy Hilfiger. The total cost of the acquisition will be $800 million, in cash as well as debt. The company is to be renamed Collective Brands, although its headquarters will remain in Topeka, KS. Payless has 4,600 stores in North America at present. Matt Rubel who is CEO of Payless will become the CEO of Collective Brands, said that with this acquisition and the change of name, the company hopes to create a leading and innovative global brand for footwear and accessories.