Adidas is looking to sell shoe brand Rockport, according to a source close to the company.
The brand could sell for $300 million or more and help boost Adidas’ status as one of the world’s leading athletic gear and equipment maker. The company is currently second in that category behind Nike (NKE).
Rockport currently has between $30 million and $40 million in annual earnings before interest, taxes, depreciation and amortization. The brand first was founded in 1971 and purchased with Adidas in 2005 along with Reebok.
The Adidas-owned brand is perhaps best known for its men’s shoe boats and other footwear but Rockport also sells plenty of footwear for women. Major retailers such as Macy’s (M) carry the brand.
M stock is down about 2.7% Tuesday. NKE stock is down 1.3%.
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