S&P: Collective unchanged

Standard & Poor's said that Collective Brands Inc.'s announced intention to close store locations and conduct a review of strategic and financial alternatives to further enhance shareholder value has no immediate effect on ratings or outlook.

The company said that it will close about 475 stores that are underperforming, S&P said. It expects to close more than 300 stores by the end of this fiscal year, the agency said.

But the store closures should improve operations over the intermediate term as the reduction of poorly performing locations benefits EBITDA margins, S&P said.

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