<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on June&nbsp;3, 2009
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registrant No.&nbsp;333-_____
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>COLLECTIVE BRANDS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 0pt; width: 58%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1813160</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">3231 S.E. 6th Avenue, Topeka, Kansas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">66607-2207</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U><B>2006 COLLECTIVE BRANDS, INC. STOCK INCENTIVE PLAN</B></U><BR>
(Full Title of Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Harold J. Herman, II<BR>
Vice President, Group Counsel and Assistant Secretary<BR>
Michael J. Massey<BR>
Senior Vice President, General Counsel and Secretary</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>COLLECTIVE BRANDS, INC.</B><BR>
3231 S.E. 6th Avenue<BR>
Topeka, Kansas 66607-2207<BR>
(785)&nbsp;233-5171<BR>
(Name, Address and Telephone Number of Agent for Service)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act. (Check one):</DIV>


<TABLE width="100%" style="font-size: 10pt; margin-top: 0pt"><TR>
<TD>Large accelerated filer&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
<TD align="center">Accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
<TD align="center"><BR>Non-accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT><BR>
(Do not check if a smaller reporting company)</TD>
<TD align="right">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
</TABLE>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Each Class of </TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum </TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Securities to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registered<SUP style="font-size: 85%; vertical-align: text-top">(1,2)</SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offering Price Per Share<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Aggregate Offering Price<SUP style="font-size: 85%; vertical-align: text-top">(3) </SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.01
per share together with attached
Preferred Stock purchase rights
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">687,000</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">14.57</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">10,009,590</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="bottom" style="border-top: 2px solid #000000">559</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this registration statement on Form S-8 (this &#147;Registration Statement&#148;) shall also cover any
additional shares of Common Stock, par value $0.01 per share (the &#147;Common Stock&#148;), of Collective
Brands, Inc. (the &#147;Registrant&#148;) that becomes issuable under the plan to which this Registration
Statement relates by reason of any stock dividend, stock split,
recapitalization or other similar transaction of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;The Registrant previously filed Registration Statements on Form S-8 (File No.&nbsp;333-134558)
pursuant to which it registered 2,500,000 shares of Registrant&#146;s Common Stock for issuance under
the Collective Brands, Inc. 2006 Stock Incentive Plan formerly known as the Payless ShoeSource,
Inc. 2006 Stock Incentive Plan (the &#147;Plan&#148;) and registration statement (File No.&nbsp;333-143698)
pursuant to which it registered 1,800,000 shares. This Registration Statement is being filed to
register an additional 687,000 shares of Common Stock that may be issued under the Plan. The
aggregate number of shares of the Registrant&#146;s Common Stock issueable pursuant to such Plan
registered pursuant to this Registration Statement and the earlier registration statements
(including those shares of Common Stock actually issued pursuant to awards granted or made under
the plan) is 4,987,000 shares of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3)&nbsp;Fee computed pursuant to Rule&nbsp;457(h)(1), based upon the average of the high and low prices
paid for a share of the Company&#146;s Common Stock on May&nbsp;28, 2009, as reported in the New York Stock
Exchange consolidated reporting system, and are used solely for the purpose of calculating the
registration fee.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">










<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE</B><BR>
SECTION 10(a) PROSPECTUS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 1. PLAN INFORMATION*</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION*</B>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The information required by Items 1 and 2 of part 1 of Form S-8 is omitted from this Registration
Statement in accordance with Rule&nbsp;428 under the Securities Act of 1933 and the &#147;Note&#148; to Part&nbsp;I of
Form S-8.</TD>
</TR>

</TABLE>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;) are
hereby incorporated by reference:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Annual Report of Collective Brands, Inc. (the &#147;Company&#148; or &#147;Registrant&#148;) on Form 10-K
(Commission File No.&nbsp;1-14770) for the Fiscal Year ended January&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed on (i)&nbsp;February&nbsp;27, 2009, (ii)&nbsp;March
10, 2009, (iii)&nbsp;March&nbsp;27, 2009, (iv)&nbsp;May&nbsp;14, 2009, and (v)&nbsp;May&nbsp;21, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of the Registrant&#146;s Common Stock and related Rights contained under the
captions &#147;New Payless Capital Stock&#148; and &#147;Possible Anti-takeover Effect of Certain Provisions of
the New Payless Charter, the New Payless Bylaws and the DGCL&#148; at pages 13-17 of the Registrant&#146;s
Registration Statement on Form S-4 (File No.&nbsp;333-50577) including any amendment or report
subsequently filed for the purpose of updating the description.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, all documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14, and 15(d)
of the Exchange Act subsequent to the effective date of this Registration Statement, but prior to
the filing of a post-effective amendment which indicates that all securities offered have been sold
or which deregisters all securities then remaining unsold, are incorporated by reference in this
Registration Statement and are a part hereof from the date of filing of such documents. Any
statement contained herein or in a document all or a portion of which is incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified and amended, to constitute part of this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of the shares offered under the Registration Statement is being passed upon for
Registrant by Harold J. Herman II, Esq., Vice President, Group Counsel and Assistant Secretary for
the Registrant. Mr.&nbsp;Herman is an officer and employee of the Registrant. Mr.&nbsp;Herman owns Common
Stock, par value $0.01 per share, and exercisable and non-exercisable options and stock settled
stock appreciation rights to acquire shares of Common Stock of the Registrant. The aggregate of
Mr.&nbsp;Herman&#146;s ownership interests is less than one percent of the registrant&#146;s Common Stock. Mr.
Herman is also eligible to participate in the 2006 Collective Brands, Inc. Stock Incentive Plan as
amended and restated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant&#146;s Restated Certificate of Incorporation (the &#147;Charter&#148;) provides that it will indemnify
any person who was or is a party or is threatened to be made a party to any action, suit or
proceeding, whether civil, criminal, administrative or investigative (including any action or suit
by or in the right of Registrant) by reason of the fact that such person is or was a director,
officer, employee or agent of Registrant or is or was serving at the request of Registrant as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection with such action, suit
or proceeding, but in each case only if and to the extent permitted under applicable state or
federal law. Expenses, including attorneys&#146; fees, incurred by any such person in defending any such
action, suit or proceeding shall be paid or reimbursed by Registrant in advance of the final
disposition of such action, suit or proceeding upon receipt by it of an undertaking of such person
to repay such expenses if it shall ultimately be determined that such person is not entitled to be
indemnified by Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Charter further states that the right to indemnification and advancement of expenses provided
therein shall not be deemed exclusive of any other rights to which those indemnified may be
entitled, and shall continue as to a person who has ceased to be a director, officer, employee or
agent and shall inure to the benefit of the heirs, and personal representatives of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;145 of the Delaware General Corporation Law (&#147;DGCL&#148;) permits a corporation to indemnify its
directors and officers against expenses (including attorneys&#146; fees), judgments, fines and amounts
paid in settlements actually and reasonably incurred by them in connection with any action, suit or
proceeding brought by third parties, if such directors or officers acted in good faith and in a
manner they reasonably believed to be in or not opposed to the best interests of the corporation
and, with respect to any criminal action or proceeding, had no reason to believe their conduct was
unlawful. In a derivative action, i.e., one by or in the right of the corporation, indemnification
may be made only for expenses actually and reasonably incurred by directors and officers in
connection with the defense or settlement of an action or suit, and only with respect to a matter
as to which they shall have acted in good faith and in a manner they reasonably believed to be in
or not opposed to the best interests of the corporation, except that no indemnification shall be
made if such person shall have been adjudged liable to the corporation, unless and only to the
extent that the court in which the action or suit was brought shall determine upon application that
the defendant, officers or directors are fairly and reasonably entitled to indemnity for such
expenses despite such adjudication of liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As permitted by Section 102(b) (7)&nbsp;of the DGCL, the Charter provides that no director of Registrant
will be liable to Registrant or its shareowners for monetary damages for breach of fiduciary duty
as a director, except for liability (1)&nbsp;for any breach of the director&#146;s duty of loyalty to
Registrant or its shareowners; (2)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or knowing violation of the law; (3)&nbsp;under Section&nbsp;174 of the DGCL; or (4)
for any transaction from which a director derived an improper benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant has entered into indemnification agreements with each director and certain executive
officers of Registrant. Generally, each indemnification agreement provides, among other things, (i)
for indemnification to the fullest extent permitted by law against all expenses, judgments, fines,
penalties incurred in connection with, and amounts paid in settlement of, any claim against the
indemnified party, provided it is determined pursuant to the agreement that the indemnitee is
entitled to be indemnified under the applicable standard of conduct under the DGCL; (ii)&nbsp;for
advancement of expenses to the indemnitee in connection with the indemnitee&#146;s defense of any
threatened or pending claim, provided that if it is determined pursuant to the agreement that the
indemnitee would not be permitted to be indemnified under applicable law, Registrant shall be
entitled to be reimbursed by the indemnitee for all such amounts previously paid; (iii)&nbsp;for the
creation of a trust for the benefit of the indemnitee in the event of a potential change in control
of Registrant which shall be funded from time to time at the request of the indemnitee in an amount
sufficient to satisfy Registrant&#146;s indemnification obligations under the agreement; and (iv)&nbsp;that
no legal action be brought and no cause of action be asserted by or on behalf of Registrant against
the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnitee after the expiration of the earlier of the applicable statute of limitations or two
years after the date of accrual of such cause of action. Similar indemnification agreements may be
entered into from time to time with additional officers of Registrant. In addition, Registrant has
purchased a directors and officers liability insurance policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Counsel as to legality of the securities being registered hereby.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Counsel (included in the opinion filed as Exhibit&nbsp;5 of this Registration Statement).*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney of Directors of the Registrant (included on signature page)*</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed Herewith</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9. UNDERTAKINGS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer, or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SIGNATURES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Topeka, State of Kansas, on the 3rd day of June, 2009.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">COLLECTIVE BRANDS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas G. Boessen
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Douglas G. Boessen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Division Senior Vice President, <BR>
Chief Financial Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each person whose signature appears below appoints Harold J. Herman II, Michael J. Massey and
Matthew E. Rubel, and each of them, severally, as his or her true and lawful attorney or
attorneys-in-fact and agent or agents, each of whom shall be authorized to act with or without the
other, with full power of substitution and resubstitution, for him or her and in his or her name,
place and stead in his or her capacity as a director or officer or both, as the case may be, of
Collective Brands, Inc., to sign any and all amendments (including post-effective amendments) to
this registration statement and all documents or instruments necessary or appropriate to enable
Collective Brands, Inc. to comply with the Securities Act of 1933, as amended, and to file the same
with the Securities and Exchange Commission, with full power and authority to each of said
attorneys-in-fact and agents to do and perform in the name and on behalf of each such director or
officer, or both, as the case may be, each and every act whatsoever that is necessary, appropriate
or advisable in connection with any or all of the above-described matters and to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them or their substitutes, may lawfully do or cause to be
done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed below by the following persons in the capacities and on the dates indicated:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Matthew E. Rubel&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Matthew E. Rubel&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD NOWRAP colspan="2" align="left">Chairman of the Board, Chief Executive Officer, President<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas G. Boessen &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Douglas G. Boessen&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Division Senior Vice President, Chief Financial<BR>
Officer and Treasurer<BR>
(Principal Financial and Accounting<BR>
Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel Boggan Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Daniel Boggan Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Judith K. Hofer </TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Judith K. Hofer&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mylle B. Mangum </TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Mylle B. Mangum&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John F. McGovern &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">John F. McGovern&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert F. Moran &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Robert F. Moran&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ D. Scott Olivet &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">D. Scott Olivet&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">      /s/ Matthew A. Ouimet &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Matthew A. Ouimet&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Michael A. Weiss &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Michael A. Weiss&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert C. Wheeler &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Date: June 3, 2009&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Robert C. Wheeler&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Counsel as to legality of the securities being registered hereby.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP. *</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Counsel (included in the opinion filed as Exhibit&nbsp;5 of this Registration Statement).*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney of Directors of the Registrant (included on signature page)*</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed Herewith</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c51689sv8.htm", "description": "S-8", "secsgml_size_bytes": 45758}]
{"company-data": {"conformed-name": "COLLECTIVE BRANDS, INC.", "cik": "0001060232", "assigned-sic": "5661", "irs-number": "431813160", "state-of-incorporation": "DE", "fiscal-year-end": "0202"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-159704", "film-number": "09870702"}, "business-address": {"street1": "3231 SOUTH EAST SIXTH STREET", "city": "TOPEKA", "state": "KS", "zip": "66607-2207", "phone": "7852335171"}, "mail-address": {"street1": "3231 S E 6TH ST", "city": "TOPEKA", "state": "KS", "zip": "66607-2207"}, "former-company": [{"former-conformed-name": "PAYLESS SHOESOURCE INC /DE/", "date-changed": "19980903"}, {"former-conformed-name": "PAYLESS SHOESOURCE HOLDINGS INC", "date-changed": "19980421"}]}
sv8
As filed with the Securities and Exchange Commission on June 3, 2009
Registrant No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
COLLECTIVE BRANDS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
43-1813160
(State of Incorporation)
(I.R.S. Employer Identification No.)
3231 S.E. 6th Avenue, Topeka, Kansas
66607-2207
(Address of Principal Executive Offices)
(Zip Code)
2006 COLLECTIVE BRANDS, INC. STOCK INCENTIVE PLAN
(Full Title of Plan)
Harold J. Herman, II
Vice President, Group Counsel and Assistant Secretary
Michael J. Massey
Senior Vice President, General Counsel and Secretary
COLLECTIVE BRANDS, INC.
3231 S.E. 6th Avenue
Topeka, Kansas 66607-2207
(785) 233-5171
(Name, Address and Telephone Number of Agent for Service)
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large
accelerated filer," "accelerated filer" and "smaller reporting company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
Securities to be Registered
Registered
(1,2)
Offering Price Per Share
(3)
Aggregate Offering Price
(3)
Registration Fee
Common Stock, par value $0.01
per share together with attached
Preferred Stock purchase rights
687,000
$
14.57
$
10,009,590
$
559
(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities
Act"), this registration statement on Form S-8 (this "Registration Statement") shall also cover any
additional shares of Common Stock, par value $0.01 per share (the "Common Stock"), of Collective
Brands, Inc. (the "Registrant") that becomes issuable under the plan to which this Registration
Statement relates by reason of any stock dividend, stock split,
recapitalization or other similar transaction of the Registrant.
(2) The Registrant previously filed Registration Statements on Form S-8 (File No. 333-134558)
pursuant to which it registered 2,500,000 shares of Registrant's Common Stock for issuance under
the Collective Brands, Inc. 2006 Stock Incentive Plan formerly known as the Payless ShoeSource,
Inc. 2006 Stock Incentive Plan (the "Plan") and registration statement (File No. 333-143698)
pursuant to which it registered 1,800,000 shares. This Registration Statement is being filed to
register an additional 687,000 shares of Common Stock that may be issued under the Plan. The
aggregate number of shares of the Registrant's Common Stock issueable pursuant to such Plan
registered pursuant to this Registration Statement and the earlier registration statements
(including those shares of Common Stock actually issued pursuant to awards granted or made under
the plan) is 4,987,000 shares of Common Stock.
(3) Fee computed pursuant to Rule 457(h)(1), based upon the average of the high and low prices
paid for a share of the Company's Common Stock on May 28, 2009, as reported in the New York Stock
Exchange consolidated reporting system, and are used solely for the purpose of calculating the
registration fee.
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION*
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION*
*
The information required by Items 1 and 2 of part 1 of Form S-8 is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 and the "Note" to Part I of
Form S-8.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents filed with the Securities and Exchange Commission (the "Commission") are
hereby incorporated by reference:
(a) The Annual Report of Collective Brands, Inc. (the "Company" or "Registrant") on Form 10-K
(Commission File No. 1-14770) for the Fiscal Year ended January 31, 2009.
(c) The Registrant's Current Reports on Form 8-K filed on (i) February 27, 2009, (ii) March
10, 2009, (iii) March 27, 2009, (iv) May 14, 2009, and (v) May 21, 2009.
(d) The description of the Registrant's Common Stock and related Rights contained under the
captions "New Payless Capital Stock" and "Possible Anti-takeover Effect of Certain Provisions of
the New Payless Charter, the New Payless Bylaws and the DGCL" at pages 13-17 of the Registrant's
Registration Statement on Form S-4 (File No. 333-50577) including any amendment or report
subsequently filed for the purpose of updating the description.
In addition, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14, and 15(d)
of the Exchange Act subsequent to the effective date of this Registration Statement, but prior to
the filing of a post-effective amendment which indicates that all securities offered have been sold
or which deregisters all securities then remaining unsold, are incorporated by reference in this
Registration Statement and are a part hereof from the date of filing of such documents. Any
statement contained herein or in a document all or a portion of which is incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified and amended, to constitute part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not Applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
The validity of the shares offered under the Registration Statement is being passed upon for
Registrant by Harold J. Herman II, Esq., Vice President, Group Counsel and Assistant Secretary for
the Registrant. Mr. Herman is an officer and employee of the Registrant. Mr. Herman owns Common
Stock, par value $0.01 per share, and exercisable and non-exercisable options and stock settled
stock appreciation rights to acquire shares of Common Stock of the Registrant. The aggregate of
Mr. Herman's ownership interests is less than one percent of the registrant's Common Stock. Mr.
Herman is also eligible to participate in the 2006 Collective Brands, Inc. Stock Incentive Plan as
amended and restated.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Registrant's Restated Certificate of Incorporation (the "Charter") provides that it will indemnify
any person who was or is a party or is threatened to be made a party to any action, suit or
proceeding, whether civil, criminal, administrative or investigative (including any action or suit
by or in the right of Registrant) by reason of the fact that such person is or was a director,
officer, employee or agent of Registrant or is or was serving at the request of Registrant as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection with such action, suit
or proceeding, but in each case only if and to the extent permitted under applicable state or
federal law. Expenses, including attorneys' fees, incurred by any such person in defending any such
action, suit or proceeding shall be paid or reimbursed by Registrant in advance of the final
disposition of such action, suit or proceeding upon receipt by it of an undertaking of such person
to repay such expenses if it shall ultimately be determined that such person is not entitled to be
indemnified by Registrant.
The Charter further states that the right to indemnification and advancement of expenses provided
therein shall not be deemed exclusive of any other rights to which those indemnified may be
entitled, and shall continue as to a person who has ceased to be a director, officer, employee or
agent and shall inure to the benefit of the heirs, and personal representatives of such a person.
Section 145 of the Delaware General Corporation Law ("DGCL") permits a corporation to indemnify its
directors and officers against expenses (including attorneys' fees), judgments, fines and amounts
paid in settlements actually and reasonably incurred by them in connection with any action, suit or
proceeding brought by third parties, if such directors or officers acted in good faith and in a
manner they reasonably believed to be in or not opposed to the best interests of the corporation
and, with respect to any criminal action or proceeding, had no reason to believe their conduct was
unlawful. In a derivative action, i.e., one by or in the right of the corporation, indemnification
may be made only for expenses actually and reasonably incurred by directors and officers in
connection with the defense or settlement of an action or suit, and only with respect to a matter
as to which they shall have acted in good faith and in a manner they reasonably believed to be in
or not opposed to the best interests of the corporation, except that no indemnification shall be
made if such person shall have been adjudged liable to the corporation, unless and only to the
extent that the court in which the action or suit was brought shall determine upon application that
the defendant, officers or directors are fairly and reasonably entitled to indemnity for such
expenses despite such adjudication of liability.
As permitted by Section 102(b) (7) of the DGCL, the Charter provides that no director of Registrant
will be liable to Registrant or its shareowners for monetary damages for breach of fiduciary duty
as a director, except for liability (1) for any breach of the director's duty of loyalty to
Registrant or its shareowners; (2) for acts or omissions not in good faith or which involve
intentional misconduct or knowing violation of the law; (3) under Section 174 of the DGCL; or (4)
for any transaction from which a director derived an improper benefit.
Registrant has entered into indemnification agreements with each director and certain executive
officers of Registrant. Generally, each indemnification agreement provides, among other things, (i)
for indemnification to the fullest extent permitted by law against all expenses, judgments, fines,
penalties incurred in connection with, and amounts paid in settlement of, any claim against the
indemnified party, provided it is determined pursuant to the agreement that the indemnitee is
entitled to be indemnified under the applicable standard of conduct under the DGCL; (ii) for
advancement of expenses to the indemnitee in connection with the indemnitee's defense of any
threatened or pending claim, provided that if it is determined pursuant to the agreement that the
indemnitee would not be permitted to be indemnified under applicable law, Registrant shall be
entitled to be reimbursed by the indemnitee for all such amounts previously paid; (iii) for the
creation of a trust for the benefit of the indemnitee in the event of a potential change in control
of Registrant which shall be funded from time to time at the request of the indemnitee in an amount
sufficient to satisfy Registrant's indemnification obligations under the agreement; and (iv) that
no legal action be brought and no cause of action be asserted by or on behalf of Registrant against
the
indemnitee after the expiration of the earlier of the applicable statute of limitations or two
years after the date of accrual of such cause of action. Similar indemnification agreements may be
entered into from time to time with additional officers of Registrant. In addition, Registrant has
purchased a directors and officers liability insurance policy.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
5
Opinion of Counsel as to legality of the securities being registered hereby.*
23.1
Consent of Deloitte & Touche LLP.*
23.2
Consent of Counsel (included in the opinion filed as Exhibit 5 of this Registration Statement).*
24.1
Power of Attorney of Directors of the Registrant (included on signature page)*
*
Filed Herewith
ITEM 9. UNDERTAKINGS.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) to reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement; and
(iii) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement;
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer, or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Topeka, State of Kansas, on the 3rd day of June, 2009.
COLLECTIVE BRANDS, INC.
By:
/s/ Douglas G. Boessen
Name:
Douglas G. Boessen
Title:
Division Senior Vice President,
Chief Financial Officer and Treasurer
Each person whose signature appears below appoints Harold J. Herman II, Michael J. Massey and
Matthew E. Rubel, and each of them, severally, as his or her true and lawful attorney or
attorneys-in-fact and agent or agents, each of whom shall be authorized to act with or without the
other, with full power of substitution and resubstitution, for him or her and in his or her name,
place and stead in his or her capacity as a director or officer or both, as the case may be, of
Collective Brands, Inc., to sign any and all amendments (including post-effective amendments) to
this registration statement and all documents or instruments necessary or appropriate to enable
Collective Brands, Inc. to comply with the Securities Act of 1933, as amended, and to file the same
with the Securities and Exchange Commission, with full power and authority to each of said
attorneys-in-fact and agents to do and perform in the name and on behalf of each such director or
officer, or both, as the case may be, each and every act whatsoever that is necessary, appropriate
or advisable in connection with any or all of the above-described matters and to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them or their substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed below by the following persons in the capacities and on the dates indicated:
By:
/s/ Matthew E. Rubel
Date: June 3, 2009
Matthew E. Rubel
Chairman of the Board, Chief Executive Officer, President
(Principal Executive Officer)
By:
/s/ Douglas G. Boessen
Date: June 3, 2009
Douglas G. Boessen
Division Senior Vice President, Chief Financial
Officer and Treasurer
(Principal Financial and Accounting
Officer)
By:
/s/ Daniel Boggan Jr.
Date: June 3, 2009
Daniel Boggan Jr.
Director
By:
/s/ Judith K. Hofer
Date: June 3, 2009
Judith K. Hofer
Director
By:
/s/ Mylle B. Mangum
Date: June 3, 2009
Mylle B. Mangum
Director
By:
/s/ John F. McGovern
Date: June 3, 2009
John F. McGovern
Director
By:
/s/ Robert F. Moran
Date: June 3, 2009
Robert F. Moran
Director
By:
/s/ D. Scott Olivet
Date: June 3, 2009
D. Scott Olivet
Director
By:
/s/ Matthew A. Ouimet
Date: June 3, 2009
Matthew A. Ouimet
Director
By:
/s/ Michael A. Weiss
Date: June 3, 2009
Michael A. Weiss
Director
By:
/s/ Robert C. Wheeler
Date: June 3, 2009
Robert C. Wheeler
Director
EXHIBIT INDEX
5
Opinion of Counsel as to legality of the securities being registered hereby.*
23.1
Consent of Deloitte & Touche LLP. *
23.2
Consent of Counsel (included in the opinion filed as Exhibit 5 of this Registration Statement).*
24.1
Power of Attorney of Directors of the Registrant (included on signature page)*
*
Filed Herewith