Payless ShoeSource has closed its previously announced acquisition of Collective International, LP, a Denver-based brand development, management and licensing company. The purchase price of the all-cash transaction was approximately $91 million, excluding transaction costs and remains subject to customary purchase price adjustments to reflect current assets and total liabilities.

Collective's focus is on the growing active sport lifestyle market driven predominantly by board-sport inspired trends from surf, skateboard, and snowboard sports. Collective will operate as a wholly-owned subsidiary headed by Collective's President and CEO Bruce Pettet and staffed by Collective's design and licensing team. The subsidiary will continue to manage it's brand portfolio including Airwalk®, Vision Street Wear®, Lamar®, Sims®, LTD®, genetic(TM), Dukes®, Rage®, Ultra-Wheels®, and Skate Attack® and has plans for portfolio expansion as well.

Payless has been a licensee of the Airwalk brand since 2003 and features the brand on a wide range of footwear and accessories. Payless has helped drive Airwalk to the number two skate footwear brand in America.

This acquisition establishes Payless in the brand management and licensing business. PSS said the new business will provide growth opportunities across multiple product categories in domestic and international markets to create new revenue streams from wholesaling or licensing to other retailers and third parties.