Wolverine World Inc. (NYSE: WWW) has sold the Sebago shoe brand to Italian apparel company BasicNet SpA. While the Sebago sale is a small deal, about $14 million, it's part of a much larger plan to transform the company

The divestiture is part of Wolverine's "Wolverine Way Forward" strategy which it is looking to reshape its portfolio in order to keep up rapidly changing consumer demands in the consumer sector. Wolverine owns the Bates, Chaco, Hush Puppies, Merrell and Sperry brands.

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