Nike puts Cole Haan on the selling block

New York -- Nike Inc. is trimming its portfolio. The company announced it will sell its Cole Haan and Umbro brands to cut costs and focus on its core namesake brand.

Nike acquired Cole Haan, which specializes in casual and dress shoes, handbags and accessories, in 1988 for $80 million, plus the assumption of $15 million in debt. Cole Haan operates more than 180 stores throughout the United States, Canada, the Middle East and Asia.

Nike bought the soccer gear and apparel company Umbro in 2008 for $565 million.

In a statement, Nike said it will begin selling off the brands immediately. It expects to complete the sale by May 2013.

"Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for Nike to continue to drive sustainable, profitable growth for our shareholders," said Mark Parker, president and CEO of Nike Inc.