Nike Puts Cole Haan on the Selling Block

Nike is trimming its portfolio. The company announced it will sell its Cole Haan and Umbro brands to cut costs and focus on its core namesake brand. Nike acquired Cole Haan, which specializes in casual and dress shoes, handbags, and accessories, in 1988 for $80 million, plus the assumption of $15 million in debt. Cole Haan operates more than 180 stores throughout the United States, Canada, the Middle East and Asia.