Wolverine World Wide proposes U.K. workforce reduction

The company states: ‘Wolverine World Wide announced actions intended to improve operating performance, fuel global growth, and enable future investments into Sweaty Betty, a global premium women’s activewear brand acquired in August 2021. Sweaty Betty will now report into Wolverine Worldwide’s London-based International Group, which is responsible for the Company’s operations outside the United States. This move will more closely align Sweaty Betty with Wolverine’s global centers of excellence. As part of this transition, several opportunities have been identified to better align Sweaty Betty’s cost structure to Wolverine’s other brands and enable future investments. These include consolidating London office space, securing savings through Wolverine’s new Profit Improvement Office, and proposing a UK workforce reduction. The expected impact of these actions is reflected in the Company’s 2023 guidance."