Converse lost much of its apparent near-monopoly from the 1970s onward, with the surge of new competitors, including Puma and Adidas, then Nike, then a decade later Reebok, who introduced radical new designs to the market. Converse found themselves no longer the official shoe of the National Basketball Association, a title they had relished for many years. While being employed at Converse, one of its employees (Jim Labadini {1968-78}), created the chevron and star insignia / logo that still remains on most of the footwear items.
The loss of market share, combined with poor business decisions, forced Converse to file for bankruptcy on January 22, 2001. Footwear Acquisitions led by Mardsen Cason and Bill Simon purchased the brand from bankruptcy in April, 2001 and added industry partners Jack Boys, Jim Stroesser, Lisa Kempa and David Maddocks to lead the turnaround of America's Original Sports Company. The new team drove Converse from the 16th largest footwear company to number 7 in three years which led to a buyout by Nike Inc. for $305 million, qualifying as the merger and acquisition of the year in 2003.
Current NBA players wearing Converse includeKirk Hinrich, Kyle Korver, Maurice Evans, Acie Law, Udonis Haslem, Elton Brand, Carlos Arroyo, Matt Bonner, Louis Williams, and Larry Sanders.
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