Wolverine World Wide Inc. said Thursday it plans to eliminate 450 jobs as part of a new restructuring plan.
The company will also consolidate certain distribution and other operations functions, as well as overhaul its U.S. manufacturing strategy. Wolverine said it will also consider strategic alternatives for its leather business.
“Strong and resilient companies continually assess their operating model and related infrastructure, and make changes to stay ahead of the curve,” CEO and President Blake Krueger said in a statement. “The initiatives announced today position Wolverine for continued success by improving our supply chain, enhancing customer responsiveness and streamlining our operations.”
Wolverine has been one of the industry’s strongest performers amid recent economic turmoil — and Krueger said the firm is in strong financial shape and has a solid balance sheet.
Separately, the company said it acquired comfort-oriented footwear brand Cushe, which launched in the U.K. market in 2005. Terms of the deal were not disclosed.
For more, see Monday’s issue of FN.