Wolverine Worldwide has sold its US Leathers business to New Balance and is continuing to explore alternatives for the non-US leather business.
It has also entered into a definitive agreement with its current sublicensee of Hush Puppies in China, Hong Kong, and Macau to sell the brand's trademarks, patents, and copyrights for nearly US $58.8 million. However, it continues to own and operate Hush Puppies in the rest of the world.
"We continue to streamline our organisation and become more efficient to direct greater resources into our growth brands, pay down debt, and enhance long-term shareholder value", said Mike Stornant, Executive Vice President and Chief Financial Officer of Wolverine Worldwide.
These transactions aim to reshape their brand portfolio and follow the sale of Keds to Designer Brands and the alternatives process for Wolverine's Sperry brand.
