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APEX WON'T SURVIVE AS CONVERSE HOPES TO GET BY SLIDE
Published August 10, 1995
Converse Inc. announced yesterday they will cease operations of its Apex One, Inc. subsidiary effective immediately. In connection with the announcement, SR VP of Converse and co- founder of Apex, Michael Lewis has resigned. The announcement comes less than three months after Converse acquired the sports apparel company (Converse). The news "came at the end of a bad day" for the sneaker manufacturer, according to Tom Nutile of the BOSTON HERALD. Earlier, second-quarter earnings estimates were lowered, and Dean Witter analyst Scott Emerman downgraded the company's stock to "neutral" from "buy." Converse stock dropped $1 to close at $7, only .25 cents above its all-time low, before they "halted trading in the afternoon to announced closure of Apex." Company President Gil Ford said fall orders for Apex "haven't been as strong as expected" and that they will focus their "resources on the operations of Converse, including our own apparel program." Converse expects a loss of close to $6M from footwear operations for the quarter. Nutile writes Converse's contract with the NFL to be the official footwear for the league is "still up in the air." The deal had been with Apex, but was renegotiated and transferred to Converse. Spokesperson Jennifer Murray: "It's a little premature. We're still having discussions" (BOSTON HERALD, 8/10).