Nike to sell Cole Haan brand for $570 million

Nike is selling its Cole Haan brand to private equity firm Apax Partners for $570 million. The sneakers, clothing and sports gear maker said in May that it wanted to sell the leather shoe division and its Umbro soccer jersey brand as part of its plan to cut costs and focus on its core brands: Nike, Jordan, Converse and Hurley. The Cole Haan deal completes the Beaverton, Ore., company's plan. Last month it announced the s...