Stride Rite Walking Away from 140 Stores, Heading Towards E-Commerce
July 21, 2014
After reviewing its consumer-direct operations, including its brick and mortar retail store fleet and the infrastructure, Wolverine World Wide Inc. intends to close up to 140 retail stores over the next eighteen months.
The changes will primarily impact the footwear designer/manufacturer’s Stride Rite retail operations.
Stride Rite currently operates some 380 mall-based stores.
Of the closures, the Rockford, Michigan-based company expects that 60 stores will close by fiscal year end, with the balance closed by the end of 2015;
“When fully implemented, we are expecting annual pretax benefits of the realignment plan to be approximately $11 million,” said Blake Krueger, chairman, president and CEO of Wolverine. “We anticipate reinvesting much of this benefit into e-commerce, mobile, and other omni-channel capabilities and opportunities intended to enable our consumers to engage with our brands anywhere anytime. Don will share the timing and additional financial details of this Strategic Realignment Plan with you in his prepared remarks.”