Global footwear purveyor Wolverine Worldwide Inc., located in Rockford, north of Grand Rapids, today announced the completion of its comprehensive portfolio management initiatives that were executed and expected to be completed during fiscal year 2017, including the closures of underperforming stores, sale of the Sebago brand, licensing of the Stride Rite brand, and the sale of the Department of Defense (DoD) contract business.
“The portfolio changes we made in the first three quarters of 2017 are an important component of our comprehensive Wolverine Way Forward transformation,” says Blake W. Krueger, Wolverine Worldwide’s chairman, president, and CEO. “We’ve taken action to address several underperforming segments of our business, which will allow the company to focus resources on what we believe to be its biggest opportunities for growth.
We continue to execute the most comprehensive transformation in the company’s history aimed at optimizing the organization to excel in the fast-evolving consumer and global marketplace.”
Wolverine Worldwide is a global marketer and licensor of branded casual, active lifestyle, work, outdoor sport, athletic, children’s, and uniform footwear apparel. The company’s portfolio of brands includes: Merrell, Hush Puppies, Sperry, Saucony, Wolverine, Keds, Stride Rite, Chaco, Bates, Soft Style, and Hytest. Wolverine Worldwide is also the global footwear licensee of Cat and Harley Davidson and its products are available in 200 countries.
Last year, the company generated $2.5 billion in revenue, while cash generated by operating activities for the year was $296.3 million, up $80.8 million or 37.5 percent versus the prior year.