Wolverine sells Hush Puppies IP in China/HK/Macau for $58.8M; sells U.S. Leathers to New Balance for $6M

WOLVERINE WORLD WIDE INC /DE/

Definitive agreement to sell Hush Puppies trademarks, patents, copyrights and domains in China/HK/Macau to Beijing Jiaman Dress for ~$58.8M.
Two parties entered License and Cooperation agreement for brand stewardship in the region; Wolverine retains Hush Puppies globally.
Transaction expected to close in coming weeks subject to customary conditions.
Completed sale of U.S. Wolverine Leathers business to New Balance for ~$6M in total proceeds, including assignment of tannery contracts.
Part of ongoing brand portfolio transformation to focus on growth brands, reduce debt, and enhance shareholder value.

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