NEW YORK, May 2, 2012 /PRNewswire/ — Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of the Collective Brands, Inc. (“Collective Brands” or the “Company”) (NYSE: PSS) concerning the proposed acquisition of the Company by a group led by Wolverine World Wide Inc. (“Wolverine”) in a transaction valued at approximately $2 billion.

On May 2, 2012, it was announced that Collective Brands and Wolverine have entered into a definitive agreement pursuant to which Wolverine will acquire Collective Brands. Under the agreement, Collective Brands shareholders will receive $21.75 per share in cash.

Our investigation concerns whether the Collective Brands board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.

If you own Collective Brands shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

Attorney Advertising. 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.

SOURCE Harwood Feffer LLP