Nike Bought Converse After Bankruptcy

In 1964, Nike was still Blue Ribbon Sports, selling Japanese Onitsuka Tiger shoes from cofounder Phil Knight's car, while Converse controlled roughly 70 to 80 percent of the basketball-shoe market. Converse filed for bankruptcy in 2001, then closed its last U.S. factories that March and moved all Chuck Taylor All-Star production overseas. Nike bought the revived company in 2003 for $309 million.

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