NEW YORK — Bankrupt Converse Inc. was sold late Tuesday night to Footwear Acquisition LLC for $117.5 million, WWD has learned.
According to sources familiar with the transaction, Footwear Acquisition is backed by Bain Capital Corp. The purchaser beat out Amasia Capital LLC, backed by the Bonjour Group, which bid $115 million for the assets that included receivables, inventory and intellectual property. As reported in these columns, Amasia submitted a formal “expression of interest” to Converse in September 1999, several months prior to Converse’s voluntary Chapter 11 filing in February in a Delaware bankruptcy court.
WWD also learned that members of Converse’s current management team are expected to remain with the firm. Executives at Converse could not be reached at press time.