Job losses and sell-offs as Wolverine cuts costs - footwearbiz: Leadin

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Job losses and sell-offs as Wolverine cuts costs

15/11/2023
Job losses and sell-offs as Wolverine cuts costs
US shoe group Wolverine World Wide is moving with “speed and urgency" to transform the company, with a raft of announcements including job losses and the sale of some licences or brands.

CEO Chris Hufnage said: “We are taking decisive steps to stabilise the business by divesting non-core assets, paying down debt, reducing inventory and right-sizing our cost structure. At the same time, we are redesigning the organisation to become great global brand builders.”

Changes include a new “centre of excellence” that includes a “reimagined” innovation, insights and trends team; an internal creative and public relations team, an in-house creative production studio, a new global licensing team and a consolidated North American commercial structure, aligning the Canadian operations with those in the US.

The actions follow the company’s recent sale of Keds, the Hush Puppies intellectual property in China, Hong Kong and Macau, and the sale of its North American Wolverine Leathers business. It is looking for buyers for Sperry.

Wolverine’s portfolio includes Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies, Wolverine, Chaco, Bates, HYTEST and Stride Rite. It is also the global footwear licensee of Cat and Harley-Davidson.
 

Related stories:

Special boots on sale for $1.40 per pair 04/10/2023
Major brand buys US part of Wolverine Leathers 04/09/2023
Fall of 10% for Wolverine in H1 15/08/2023
Short-lived tenure for Wolverine CEO 11/08/2023
New group president for Wolverine Worldwide 31/05/2023
Search for ‘strategic alternatives’ under way for another Wolverine brand 11/05/2023
Football coach joins Wolverine in skilled labour push 03/05/2023
Chairman to step down after 30 years at Wolverine 20/03/2023
Double-digit growth for Wolverine Worldwide 24/02/2023
Potential strategic buyer for Wolverine Leather 12/01/2023

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