Wolverine World Wide to sell Hush Puppies assets in China for $58.8M

Wolverine World Wide “announced additional steps in the ongoing transformation of its brand portfolio, including the sale of the Hush Puppies intellectual property in China, Hong Kong, and Macau, and the sale of the U.S. Wolverine Leathers business. The Company has entered into a definitive agreement to sell the Hush Puppies trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd., for approximately $58.8 million. As part of the transaction, the two parties have entered into a License and Cooperation agreement providing for mutual engagement and brand stewardship of the Hush Puppies brand in the region. Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world. The transaction is expected to close in the coming weeks subject to satisfaction of customary closing conditions. The Company also completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance, for approximately $6 million in total proceeds. The Company assigned Wolverine’s U.S. tannery contracts to New Balance, and continues to explore alternatives for the non-U.S. Wolverine Leathers business.”