Wolverine Worldwide to complete Stride Rite, Keds acquisition
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.
Duncan Hines introduces limited-edition Frosting Creations flavor mixes
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.
Destination Maternity Q4 sales slip, but beat Street
Philadelphia — Destination Maternity reported Tuesday that revenue for the fourth quarter dipped less than 1% to $128.5 million, but edged Wall Street’s expected $128.4 million in revenue for the period. Same-store sales climbed 2.7%.
The retailer, whose brands include A Pea in the Pod, Motherhood Maternity and namesake stores, said the revenue dip in the fourth quarter was due largely to the closure of underperforming stores and that it expects quarterly earnings to exceed guidance.