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Nike puts Cole Haan on the selling block
New York -- Nike Inc. 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.
Nike bought the soccer gear and apparel company Umbro in 2008 for $565 million.
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Dick's to debut running store concept
Pittsburgh -- Dick’s Sporting Goods said Thursday that it will debut a specialty running store, True Runner, with the first location opening in the retailer’s home city of Pittsburgh.
The high-service concept will cater to running enthusiasts with footwear, apparel and accessories, and is slated to open in summer 2012.