Wolverine World Wide Begins Process To Divest Or License Keds And Wolverine Leathers

(RTTNews) - Wolverine World Wide, Inc. (WWW) said it has started a formal process to divest or license the Keds brand and Wolverine Leathers business. Also, the company initiated a workforce reduction earlier this week. The company expects this initiative to result in approximately $30 million in savings in 2023.

Including the impact from the workforce reduction, the company expects to realize total savings of approximately $45 million in 2023 from organizational synergies and other indirect cost areas.

Wolverine World Wide also stated that, through two months of the fourth quarter, revenue is in line with expectations.