Wolverine World Wide, Inc announced that it has sold the Sperry brand to Authentic Brands Group, Inc, and the Aldo Group. The transaction closed on January 10, 2024, and will generate total proceeds of approximately $130 million in the first quarter to pay down debt.

Today’s announcement builds on the company’s previously announced asset monetisation transactions that collectively generated nearly $250 million in cash in 2023, the companies said in a joint media release.

“The sale of the Sperry brand is the next step in our turnaround and strategic transformation. We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome for the company and our vision for the future,” said Chris Hufnagel, Wolverine Worldwide’s president and chief executive officer. “In a very short time, we have meaningfully reshaped Wolverine Worldwide – simplifying the portfolio, reducing our debt, and redesigning the organisation to drive improved performance and profitability. These efforts have enhanced the company’s capacity to invest in our brands and platforms, and I am excited about the next chapter in our turnaround – focused squarely on building consumer-obsessed global brands and delivering greater value for our shareholders,” Hufnagel added.

With brands such as Merrell, Saucony, Wolverine, Hush Puppies, Chaco, Cat Footwear and Bates, the Wolverine Worldwide group reported an 11.2% increase in sales to 2.7 billion dollars in its 2022 financial year. The company recently confirmed that sales have been reduced to 2.24 billion in 2023.