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Wolverine World Wide’s stock tumbles 14% on news company to speed up transformation and cut jobs

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

Wolverine World Wide Inc. WWW, -1.78% said Thursday it’s accelerating a transformation plan that’s expected to generate $215 million in annualized savings, including a global workforce restructuring. The company did not offer details of job cuts, but said it would consolidate its North American commercial structure to align Canadian operations with its U.S. ones.

It’s also planning a new global licensing function and a new global planning function to improve demand, inventory and supply chain management and make it easier to respond to changes in consumer and market dynamics. The company has already sold its Keds brand, sold Hush Puppies IP in China, Hong Kong and Macau, sold its North American Wolverine Leathers business and said it’s considering options for its Sperry brand.

 

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