The transaction included the inventory, product designs and molds, trademarks and related intangible assets of the sneaker brand along with certain licensing and other contracts. Terms of the transactions were not disclosed.
Rocky Brands purchased Creative Recreation in 2013 for $11 million with the intention to grows its lifestyle footwear business and reach new customers. The sale allows Rocky Brands, which has made a series of job cuts and executive changes during the past year, to focus on its military business and work boot brands, including Rocky, Georgia Boot, Durango, Lehigh and the licensed brand Michelin.
In a press release, Rocky Brands Inc. President and CEO Jason Brooks said, “We were pleased to reach a favorable agreement on the sale of the Creative Recreation brand and assets. Importantly, the sale allows us to focus 100 percent on our profitable work, western, hunting and military categories where we believe our most important growth opportunities lie.”