UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 7, 2009
Wolverine World Wide, Inc.
(Exact Name of Registrant as
Specified in its Charter)
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| Delaware
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001-06024
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38-1185150 |
| (State or Other Jurisdiction
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(Commission
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(IRS Employer |
| of Incorporation)
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File Number)
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Identification No.) |
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| 9341 Courtland Drive |
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| Rockford, Michigan
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49351 |
| (Address of Principal Executive Offices)
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(Zip Code) |
Registrant’s telephone number, including area code: (616) 866-5500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 2.05 Costs Associated with Exit or Disposal Activities.
On January 7, 2009, the Board of Directors of Wolverine World Wide, Inc. approved management’s
recommendation to implement a strategic restructuring initiative. This initiative will allow the
Company to create significant operating efficiencies, improve its supply chain, and create a
stronger global brand platform.
The Company has provided preliminary estimated ranges for expected costs and benefits and will
provide further disclosure as appropriate.
In 2009, the implementation costs to consolidate key manufacturing, distribution and global
operations functions are estimated to range from $31 million to $36 million. Approximately $9
million to $10 million of this estimate represents non-cash charges. Continuing annualized pretax
benefits are estimated to be $17 million to $19 million. The strategic restructuring initiative is
expected to be completed in 2009.
The ranges of pretax charges by major category that are expected in connection with the
restructuring plan are summarized in the following table:
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Estimated Range |
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(in millions) |
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Severance and employee-related costs |
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$ |
14 |
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$ |
15 |
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Non-cash charges related to property and equipment |
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9 |
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10 |
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Facility exit costs |
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5 |
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6 |
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Consulting and other costs |
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2 |
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3 |
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Other transition costs |
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1 |
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2 |
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Total charges |
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31 |
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$ |
36 |
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On January 8, 2009 the Company issued a press release announcing this restructuring initiative. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.
Item 9.01 Financial Statements and Exhibits.
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99.1 |
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Press Release dated January 8, 2009 |
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