FINANCE

Wolverine Worldwide to complete Stride Rite, Keds acquisition

BY Katherine Boccaccio

Rockford, Mich. — Wolverine Worldwide said Tuesday it will complete its previously announced acquisition of Collective Brands’ Performance + Lifestyle Group, which consists of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands, for $1.24 billion.

The banners will become Wolverine’s largest operating group, adding more than $1 billion in revenue to Wolverine’s existing stable of brands such as Merrell and Hush Puppies.

"Today marks a transformational event for our company," said Blake W. Krueger, Wolverine Worldwide chairman and CEO. "The PLG team, under the leadership of Gregg Ribatt, has done an exceptional job of building a world-class organization, and we are incredibly pleased to welcome more than 3,800 PLG associates to the Wolverine Worldwide team."

Wolverine said it plans to accelerate the growth of the PLG brands, particularly outside the U.S.

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REAL ESTATE

99 Cents Only launches search for Rodeo Drive store site

BY Katherine Boccaccio

Commerce, Calif. — Discounter 99 Cents Only said Tuesday it has launched an official search for a retail property on Rodeo Drive in Beverly Hills, Calif., to open its first store on the iconic street.

"We are confident a Rodeo Drive store will be successful because our stores do well in affluent areas,” said Eric Schiffer, CEO. “In fact, our highest sales volume store is located only a few blocks from Beverly Hills on Wilshire Boulevard.”

Of its 303 extreme-value stores in the U.S., 222 are in California.

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News

Duncan Hines introduces limited-edition Frosting Creations flavor mixes

BY CSA STAFF

PARSIPPANY, N.J. — Duncan Hines has introduced limited-edition flavors under its Frosting Creations line.

Evoking traditional, nostalgic holiday flavors and aromas, Duncan Hines already has introduced apple pie and pumpkin spice flavors to the market, followed by the debut of peppermint stick and gingerbread flavor mixes on Nov. 1.

"Leaves are changing, the air is cooling and passionate bakers are preparing their holiday menus and dessert gift baskets — only this year they have a secret seasonal weapon at their disposal," said Joe DiPaolo, corporate pastry chef for Duncan Hines. "Our limited-edition Duncan Hines Frosting Creations flavors exude the essence of holiday, reminding us of fall apple picking and the magic of the winter holidays that makes us all feel like kids again."

Duncan Hines Frosting Creations are available at retailers nationwide.

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