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Rocky Brands Slashing Non-Manufacturing Headcount by 13 Percent

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Rocky Brands is downsizing its workforce by 13 percent. The layoffs are a result of the Ohio company’s cost savings review that will result in annualized savings of $3.0-$4.0 million. Additionally, RCKY will close its Boston office that was part of its acquisition last year of Honeywell International’s lifestyle footwear business that includes the Muck and Xtratuf brands. The company will take a one-time severance charge of $1.0 million in the second quarter related to the staff cuts.

Rocky profits rose 61 percent to $7.34 million in the first quarter ended March 31, but the strong results included a 74 percent increase in operating expenses to $49.6 million, a factor attributed to costs associated with the Honeywell Intl. acquisition and higher fulfillment costs. Wholesale revenues were 126 percent higher in Q1 at $134 million, bolstered by strong demand for the Georgia brand, double-digit sales improvement for the Durango label and solid increases in outdoor and Western styles within the Rocky brand.

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Jun 8, 2022

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