The Stride Rite Corporation Announces Renewal of Shareholder Rights Plan

  
    
  
  
    
      The Stride Rite Corporation (NYSE:SRR) announced today 
      that its Board of Directors has adopted a new shareholder rights plan to 
      replace its existing plan that was scheduled to expire in July 2007.
    
    
      David M. Chamberlain, the Company’s Chairman 
      and CEO, stated, “We are pleased to announce 
      that the new Plan raises the stock ownership threshold which triggers 
      the Plan from 10% to 15% and contains a “TIDE” 
      provision, which requires that independent directors of the Company to 
      consider at least once every three years whether maintaining the rights 
      plan continues to be in the best interests of shareholders. The Plan is 
      designed to enhance the Board’s ability to 
      protect shareholder interests and to ensure that shareholders receive 
      fair treatment in the event any coercive takeover attempt of Stride Rite 
      is made in the future. The Plan is intended to provide the Board with 
      sufficient time to consider any and all alternatives to such an action 
      and is similar to plans adopted by many other publicly traded companies.”
    
    
      The Stride Rite Corporation markets the leading brand of high quality 
      children’s shoes in the United States. Other 
      footwear products for children and adults are marketed by the Company 
      under well-known brand names, including Keds, Sperry Top-Sider, Saucony, 
      Tommy Hilfiger, Robeez, Grasshoppers and Munchkin. Information about the 
      Company is available on our website – www.strideritecorp.com. 
      Information about the Company’s brands and 
      product lines is available at www.striderite.com, 
      www.keds.com, www.saucony.com, 
      www.sperrytopsider.com, www.robeez.com 
      and www.grasshoppers.com.