Wolverine to close 140 stores

Wolverine World Wide stated this week it will close up to 140 of its stores, which include Stride Rite and Wolverine stores, as part of a wider strategic

initiative.

The closures will account for nearly 30 percent of the company's 463 store portfolio. The news came despite revelations of financial growth, even though the company adjusted its revenue outlook for the year.

Wolverine said the store closures will come over the next 18 months as the focus shifts to selling more of its footwear online. About 60 stores will close by the end of the year and the rest will close by the end of 2015.

Wolverine confirmed most of the closures will be Stride Rite stores but didn't specify which stores would be closed.

The company said it also plans to shake up its store operations and make other organisational changes to its business.