Wolverine to shutter 140 stores, focus on omnichannel
Wolverine Worldwide (NYSE:WWW), parent company of brands such as Stride Rite, Merrell and Hush Puppies, announced it would shutter 140 retail investments and focus on realigning its direct-to-consumer business to reflect omnichannel shopping habits.
"The realignment of the consumer-direct business is intended to optimize the fleet of retail locations, right-size the supporting infrastructure, address a fundamental shift in consumer shopping behavior and allow for greater focus on important omnichannel initiatives," the company told the Wall Street Journal.
CEO Blake Kreuger said the stores would close in the next 18 months—75 percent of closings will be Stride Rite stores—and the company would abandon its Patagonia footwear license when reporting results for the second quarter.
Q2 brought record results for the footwear company. Revenues rose 4.4 percent to $613.5 million, mostly because of continued growth and success oversees, reported Sports One Source. The company had recently expanded distribution of Sperry Top-Sider, Saucony and Keds and has negotiated 58 new distribution agreements in 85 countries for those brands.
-See this Wall Street Journal article
-See this Sports One Source article
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