Jobs to go as footwear group accelerates transformation
The parent group of footwear brands Merrell, Saucony, Wolverine, Hush Puppies, Stride Rite and, for now, Sperry, Wolverine Worldwide, has said it will “accelerate and expand” efforts to transform the business.
This announcement came as the group reported revenues of just over $1.7 billion for the first nine months of this year, down by 15 % compared to the same period in 2022.
We are moving with speed and urgency to transform the company, which will enable us to capitalise on our biggest growth opportunities,” said chief executive, Chris Hufnagel. “We are taking decisive steps to stabilise the business by divesting non-core assets, paying down debt, reducing inventory, and right-sizing our cost structure. At the same time, we are redesigning the organisation to become great global brand builders.”
He said the group had identified measures that would produce savings of $215 million per year. He has confirmed that this will include “a global workforce restructuring”, and said decisions that affect team members in this way (the loss of jobs) were difficult. “We are committed to supporting each team member through this transition,” he said.
Another of the measures Wolverine is putting in place, according to comments Mr Hufnagel has made to analysts, is to close its offices in Boston at the end of 2023, bringing all of its footwear brands under one roof at its headquarters in Michigan.
