Wolverine Worldwide divests brand
Wolverine Worldwide has completed the divestiture of one of its brands.
The Rockford-based footwear and apparel maker said today it completed the sale of Robeez on Dec. 16, with the help of Harris Williams & Co. The buyer and sale price were not disclosed.
Robeez is a children’s footwear and socks brand, which operated as a subsidiary of Wolverine Worldwide.
The divestiture was part of the company’s ongoing strategic initiatives, which it said it’s “made progress on.”
"We have made significant progress against our plan to position the organization for improved growth and profitability," said Mike Stornant, SVP and CFO, Wolverine Worldwide.
Stornant added that the company’s “rationalization of stores and strategic portfolio review” are “important steps down this path.”
Wolverine conducted an evaluation of its brand portfolio this fall to allow it to “focus on its biggest opportunities.”
The company said “additional progress on divestitures” and “other changes” are anticipated in the first quarter of 2017.