WOLVERINE <WWW> TO SELL TWO SUBSIDIARIES
Wolverine World Wide Inc said
it signed a letter of intent to sell to an investment group two
subsidiaries, Kaepa Inc, an athletic footwear maker, and its
international marketing arm, Kara International Inc.
    Terms were not disclosed.
    Wolverine said the action continues the restructuring
operation begun last July to make the company more competitive
and profitable. Wolverine said it will concentrate its effort
in the athletic footwear market in its Brooks footwear
division.
    Wolverine said it expects "favorable results in the second
half as a result" of its restructuring. In 1986 it said
restructuring helped improve its financial capabilities.
    The company reported a 12.6 mln dlr loss, or 1.75 dlrs a
share, in 1986 due largely to a 9.0 mln dlr restructuring
charge and a 4.0 mln dlr inventory evaluation readjustment
taken in the second quarter.
    Since that time, it has sold two small retail operations,
closed and consolidated five domestic footwear factories and
closed about 15 retail locations.
 Reuter
