Rocky Brands, Inc. plans to close its Boston office attained via its acquisition of the lifestyle footwear business of Honeywell International, Inc. and reduce its non-manufacturing headcount related to the acquired brands by approximately 13 percent, resulting in approximately $3.0 million to $4.0 million in annualized savings.
The decision was made following the completion of a cost-savings review aimed at positioning the company for profitable growth.
The Honeywell International footwear business was acquired in March 2021. Brands acquired include The Original Muck Boot Company, Xtratuf, Servus, Neos, and Ranger.
Jason Brooks, president and CEO, Rocky Brands, Inc., said, “The success of our acquisition is evident by our sales performance over the last year. These cost-saving measures will allow us to better convert our top-line performance into enhanced margins and profitability. We are now in a stronger position to more efficiently capitalize on near-term marketplace opportunities while remaining agile and flexible for the future.”
Brooks added, “The actions we are announcing today were the result of diligent planning for the long-term success of our organization, but the decisions that impact colleagues are not ones that we ever take lightly. We greatly value the contributions of the Boston team members who are not continuing on with our company and look to support them through this transition.”
The company expects to record a one-time severance charge of approximately $1.0 million in the second quarter of 2022 associated with the reduction in employee headcount.
Rocky Brands’ footwear portfolio also includes Rocky, Georgia Boot, Durango, and Lehigh.
Photo courtesy Rocky Brands
