The sale of the majority of Converse Inc's assets to Footwear Acquisition Inc has been approved by the US Bankruptcy Court in Delaware. Footwear will acquire Converse's trademarks and other intellectual property and assets for a cash purchase price of $117,500,000.

Footwear is led by Marsden Cason, William Simon and Perseus Acquisition/ Recapitilization Fund LLC. Cason and Simon have extensive experience owning and operating branded sporting goods companies. Most recently, the two successfully revitalised The North Face Inc, taking it public in 1996. 

Glenn N Rupp, chairman and CEO of Converse said: "We are delighted that the sale has been approved by the court. This is an extremely positive development for the Converse brand and our partners in the United States and worldwide."

Cason and Simon said: "We are excited to gain control of this great global brand. We intend to inject the energy and resources required to take advantage of Converse's tremendous heritage. Expect us to maintain the positioning of Converse in its current distribution channels, both in the US and with its many licensee partners around the world. We wish to assure Converse's customers that we will fulfill supply commitments for 2001 and beyond. We expect a seamless transition over the coming months."