Wolverine World Wide has sold Sperry to brand management firm and Reebok owner Authentic Brands Group, as the footwear retailer looks to focus on better performing assets, the company announced Thursday.
Aldo will also work with the brand on footwear design, production and global distribution.
It already works closely with Authentic on running brands like Roxy and Brooks Brothers.
The deal will generate $130 million, which Wolverine plans to use to pay down debt, it said.
Wolverine originally acquired Sperry, a 90-year-old brand, in 2012 from Payless ShoeSource owner Collective Brands in a $1.23 billion deal that also included Saucony, Stride Rite and Keds.
Persons:
Aldo, Brooks, Wolverine, Payless, Saucony, Merrell, Hush, Betty, Sperry, Wolverine's, Brendan Hoffman
Organizations:
Sperry, Reebok, Authentic Brands, Aldo Group, Brooks Brothers, Brands
Locations:
Ireland