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WOLVERINE WORLD WIDE ANNOUNCED LETTERS OF INTENT TO SELL BROOKS SUBSIDIARIES IN U.K. AND GERMANY

 ROCKFORD, Mich., Nov. 23 ~PRNewswire~ -- Wolverine World Wide, Inc. (NYSE: WWW) today announced letters of intent have been signed to sell its wholly owned Brooks athletic shoes operations in the United Kingdom and Germany. The company also said discussions are under way with a prospective buyer for the Brooks subsidiary in France.
 "We are gratified by the quality of the buyers interested in purchasing the Brooks business," said Thomas D. Gleason, Wolverine World Wide chairman and CEO. "Plans for divesting Brooks are on schedule and we expect all units will be disposed of by year end."
 As previously announced, a letter of intent for international rights to the Brooks brand and operations in the United States was signed on Sept. 25, 1992, by the Rokke Group, an American-Norwegian industrial group.
 "The establishment of strong distributors in Europe is in keeping with our strategy to position Brooks as a global brand with local market strength," said Johnny Austad, president of the Rokke Group's sporting goods division.
 The prospective buyer for the Brooks operation in the United Kingdom is Nova International, Ltd., a sporting goods company headquartered in Newcastle. Nova's managing director, Brendan Foster, formerly was vice president of worldwide marketing for Nike, Inc.
 "The principals of Nova International were major contributors to the successful launch of Nike shoes in the U.K. and throughout Europe and have extensive experience in marketing athletic footwear," said Foster. "We are confident the Brooks brand will complement our current product line and strengthen our position in the running segment of the market."
 Representatives of the current management team of the Brooks Germany subsidiary signed the letter of intent to purchase the Brooks business in that country.
 Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leathers. Major branded products of the company include: Hush Puppies(R) shoes, Wolverine(R) work and sport footwear, Wolverine Wilderness(R) footgear, clothing and accessories, Coleman(R) footgear, Harbor Town by Hush Puppies(R) footwear, Bates(R) uniform footwear and Bates Floaters(R), Tru-Stitch(R) slippers, Sioux- Mox(R) moccasins, Wimzees(R) casual footwear, Town and Country(TM) women's shoes, Kroupana(R) sueded pigskin and Breathin' Brushed Pigskin(R) leather.
 -0- 11~23~92
 ~CONTACT: Jim Lovejoy of Wolverine World Wide, 616-866-5539, or FAX, 616-866-0257~
 (WWW)


CO: Wolverine World Wide, Inc. ST: Michigan IN: SU: TNM

SB -- DE025 -- 0569 11~23~92 13:04 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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