Maker of Stride Rite, Keds to close 140 stores

Wolverine World Wide Inc., the Michigan-based maker of Stride Rite and Keds shoes, said it plans to shut down about 140 stores over the next 18 months and focus on selling more of its footwear online.

Some 60 stores will close by the end of the year and the rest will close by the end of 2015. The affected stores were not identified by the company, according to Crain's Detroit Business.

The company expects to record initial charges of up to $37 million ut save $11 million a year afterward.

Read more from Crain's Detroit Business.