The company acquired the leather business for US$6 million and Wolverine has assigned its U.S. tannery contracts to New Balance.

There is no development yet for the non-U.S. Wolverine Leather business and Wolverine Worldwide continues to explore alternative options. Wolverine announced it would sell the leather business towards the end of 2022.

Meanwhile, Wolverine has also sold its Hush Puppies intellectual property in China, Hong Kong and Macau. The Hush Puppies trademarks, patents, copyrights and domains in these countries have been sold to sublicensee Beijing Jiaman Dress for around US$58.8 million.

The two companies have entered into a license and cooperation agreement providing for mutual engagement and brand stewardship of the Hush Puppies brand in the region, while Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world.

Mike Stornant, Executive Vice President and Chief Financial Officer of Wolverine Worldwide, said: “These transactions are the latest actions in our ongoing effort to reshape our portfolio and target our most meaningful opportunities. We continue to streamline our organisation and become more efficient, so that we can direct greater resources into our growth brands, pay down debt, and enhance long-term shareholder value.”