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Collective Brands shareholders approve sale of company

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

The transaction will split Payless and Collective’s brand development and licensing arm into separate companies. Wolverine, which owns Hush Puppy, will acquire the Performance + Lifestyle Group, which includes Sperry Top-Sider, Saucony, Stride Rite and Keds.

Blum Capital and Golden Gate will jointly acquire Payless and Collective Licensing International.