Footwear Acquisition to buy Converse assets

NORTH READING, Mass. (March 14)—Footwear Acquisition Inc. plans to acquire all assets of Converse Inc. in an auction process approved by the U.S. Bankruptcy Court in Delaware, according to Business Wire reports. Footwear´s bid proposed to acquire Converse´s trademarks and other property including accounts receivable, inventory and other assets for a cash purchase price of about $117.5 million. "We are pleased to be dealing with two industry veterans who propose to continue building our brand in the United States and abroad through our licensees," said Glen Rupp, Converse chairman and CEO. "By maintaining a U.S. wholesale footwear business, Footwear has proposed to have a direct financial and operating stake in the brand´s performance in the important U.S. market." Converse filed for bankruptcy Jan. 22., saying an ill-timed acquisition of apparel manufacturer Apex One Inc. in 1995 eventually led the company to incur a large amount of debt.