EXHIBIT 99.3


For Immediate Release            Contact:  Timothy J. Reid (785) 295-6695

PAYLESS SHOESOURCE ANNOUNCES SENIOR SUBORDINATED NOTES OFFERING

     TOPEKA, Kan., July 15, 2003 -- Payless ShoeSource, Inc. (NYSE:PSS) today
announced it is proposing to offer $200 million of senior subordinated notes due
2013.

     Payless intends to use the proceeds of this offering, net of all fees and
expenses, together with available cash, to repay all its existing indebtedness
under the term loan portion of the company's existing credit facility.

     The senior subordinated notes will be issued in a transaction that will not
be registered under the Securities Act of 1933, as amended, and will be offered
and sold in the United States only to qualified institutional buyers in reliance
on Rule 144A under the Securities Act and to certain non-U.S. persons in
transactions outside the United States in reliance on Regulation S under the
Securities Act. The senior subordinated notes to be offered may not be offered
or sold in the United States absent registration or an applicable exemption from
registration requirements under the Securities Act.

     Payless ShoeSource, Inc. is the largest family footwear retailer in the
Western Hemisphere. The company operates a total of 5,012 stores offering
quality family footwear and accessories at affordable prices. In addition,
customers can buy shoes over the Internet through Payless.com(sm), at
www.payless.com.

THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS RELATING TO ANTICIPATED
FINANCIAL PERFORMANCE. A VARIETY OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES
AND OTHER FACTORS COULD CAUSE ACTUAL RESULTS AND EXPECTATIONS TO DIFFER
MATERIALLY FROM THE ANTICIPATED RESULTS OR EXPECTATIONS. PLEASE REFER TO THE
COMPANY'S 2002 ANNUAL REPORT, FORM 10-K FOR THE FISCAL YEAR ENDED FEBRUARY 1,
2003, AND THE PRESS RELEASE OF FEBRUARY 28, 2003 REGARDING FULL YEAR 2002
RESULTS FOR MORE INFORMATION ON THESE AND OTHER RISK FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO
RELEASE PUBLICLY ANY REVISIONS TO SUCH FORWARD-LOOKING STATEMENTS TO REFLECT
EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF
UNANTICIPATED EVENTS.