Wolverine World Wide Files 8-K on Material Agreement, Financials

TL;DR

**Wolverine World Wide just dropped an 8-K about a big agreement and financials, watch for details!**

AI Summary

Wolverine World Wide, Inc. filed an 8-K on January 11, 2024, reporting an event that occurred on January 10, 2024. This filing indicates an 'Entry into a Material Definitive Agreement' and 'Results of Operations and Financial Condition,' along with 'Financial Statements and Exhibits.' While the specific details of the agreement and financial results are not disclosed in this summary filing, the mere mention of these items suggests significant corporate activity. For investors, this matters because material agreements and financial updates can directly impact the company's future performance, stock price, and overall valuation, signaling potential strategic shifts or operational changes.

Why It Matters

This filing signals that Wolverine World Wide, Inc. has entered into a significant agreement and has new financial results, which could impact its future business operations and stock performance.

Risk Assessment

Risk Level: medium — The risk is medium because while the filing indicates significant events, the specific details are not yet public, creating uncertainty about their positive or negative impact.

Analyst Insight

A smart investor would monitor Wolverine World Wide's upcoming announcements for specific details on the 'Material Definitive Agreement' and 'Results of Operations and Financial Condition' to assess their potential impact on the company's valuation and future prospects.

Key Players & Entities

• WOLVERINE WORLD WIDE INC /DE/ (company) — the registrant filing the 8-K
• January 11, 2024 (date) — the filing date of the 8-K
• January 10, 2024 (date) — the date of the earliest event reported in the 8-K
• 0000110471 (company) — Central Index Key (CIK) for Wolverine World Wide
• Rockford, Michigan (company) — business address location of Wolverine World Wide

Forward-Looking Statements

• Wolverine World Wide will release more detailed information regarding the 'Material Definitive Agreement' and 'Results of Operations and Financial Condition' in a subsequent filing or press release. (WOLVERINE WORLD WIDE INC /DE/) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 Par Value WWW New York Stock Exchange
• $70 million — Acquired Companies was sold to ABG for $70 million. The Acquired Companies own or hold for
• $27 m — store leases, to Aldo for approximately $27 million, subject to a customary post-clos
• $5 million — the Company will receive an additional $5 million on May 10, 2024 if agreed upon criteria

Filing Documents

• www-20240110.htm (8-K) — 37KB
• exhibit991pressreleasejanu.htm (EX-99.1) — 37KB
• image_0a.jpg (GRAPHIC) — 42KB
• 0000110471-24-000005.txt ( ) — 264KB
• www-20240110.xsd (EX-101.SCH) — 2KB
• www-20240110_lab.xml (EX-101.LAB) — 23KB
• www-20240110_pre.xml (EX-101.PRE) — 12KB
• www-20240110_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Effective as of January 10, 2024, Wolverine World Wide, Inc. (the "Company"), the Company's wholly-owned subsidiary, Saucony, Inc. ("Saucony"), and Saucony's wholly-owned subsidiaries, Sperry Top-Sider, LLC and SR Holdings, LLC (such Saucony subsidiaries, the "Acquired Companies"), entered into a Purchase Agreement with ABG Intermediate Holdings 2 LLC ("ABG"), an affiliate of Authentic Brands Group LLC, (the "IP Purchase Agreement"). Also effective as of January 10, 2024, the Company and the Company's wholly-owned subsidiaries Hush Puppies Retail, LLC, Stride Rite Children's Group, LLC, Wolverine Distribution, Inc., Wolverine World Wide Canada, ULC and SR/ECOM, LLC (the Company and such subsidiaries, collectively, the "Inventory Sellers") entered into a Purchase Agreement with ALDO U.S. Inc. ("Aldo"), an affiliate of the Aldo Group (the "Inventory Purchase Agreement" and together with the IP Purchase Agreement, the "Purchase Agreements"). Pursuant to the IP Purchase Agreement, on January 10, 2024, all of the outstanding equity of the Acquired Companies was sold to ABG for $70 million. The Acquired Companies own or hold for use intellectual property used by the Company exclusively in the footwear, apparel and accessories business conducted by the Company under the Sperry brand (the "Sperry Business"). The Company and its affiliates on the one hand, and ABG and its affiliates on the other hand, each granted the other a fully paid-up, royalty-free, irrevocable, perpetual, sublicensable, assignable, worldwide, non-exclusive license to certain intellectual property used with respect to both the Sperry brand and other Company brands. These licenses permit the use of the shared intellectual property by ABG in connection with the Sperry brand and by the Company in connection with the Company's current and future brands. Pursuant to the Inventory Purchase Agreement, on January 10, 2024, the Inventory Sellers sold ce

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On January 11, 2024, the Company issued a press release regarding the sale of the Sperry Business. This release announces results for the Sperry Business for fiscal year 2023 and each 2023 fiscal quarter. The press release is furnished and attached as Exhibit 99.1 hereto and is hereby incorporated into this Item 2.02 by reference. The information furnished shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 99.1 Press Release dated January 11, 2024 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 11, 2024 WOLVERINE WORLD WIDE, INC. (Registrant) /s/ Michael D. Stornant Michael D. Stornant Executive Vice President, Chief Financial Officer and Treasurer 3

View Full Filing

View this 8-K filing on SEC EDGAR