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Nike Sells Off Cole Haan

Nike says it will sell off its swanky Cole Haan division to a private equity firm for $570 million in cash. The Beaverton, Ore.-based company says the move will allow it to focus on its Nike branded-products, and on “opportunities with the highest potential for strong returns.” Apax Partners, based in London, says it expects to complete the acquisition of the New York-based Cole Haan early next year. The group is partnering with Jack Boys, former CEO of Converse, for the acquisition.

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