Footstar

Footstar was spun off from the Melville Corporation in 1996 as part of that corporation's reorganization of all of its operating divisions including Marshalls, KB Toys, This End Up, and Linens 'n Things. After the spinoff and/or sale of all of its divisions other than CVS Pharmacy, Melville changed its name to CVS Corporation and relocated its headquarters to Woonsocket, Rhode Island. Footstar originally consisted of three former Melville divisions: family footwear retailer Thom McAn, athletic shoe retailer FootAction USA, and Meldisco, which operated footwear departments inside department and discount stores, primarily Kmart. After closing down its Thom McAn division, Footstar retained its rights to the Thom McAn shoe brand. The Thom McAn brand and the Kmart footwear departments are now owned and operated by Sears Brands, LLC. In 2000, Footstar acquired the shoe retailer Just For Feet, which had filed for bankruptcy.

In January 2011, Footstar announced that it was acquiring CPEX Pharmaceuticals Inc. The acquisition was made through FCB I Acquisition Corp., a wholly owned subsidiary of FCB I Holdings Inc., which was owned 80.5% by Footstar Corporation and 19.5% by an unaffiliated investment holding company.