Converse Declares Bankruptcy, HQ Downsizing and Plants Closing

NORTH READING, MA-Converse Inc., the sneaker maker, filed for Chapter 11 bankruptcy protection. The 93-year old company sold its headquarters here for $15.1 million to Wellsford Commercial Properties, a NY-based investment company.

“The real estate market is hot and this was an opportunity to sell some capital,” Mark Shuster, spokesperson for the company, tells GlobeSt.com. The company, adds Shuster, will maintain its headquarters in this area. It is currently looking for a smaller building with the general vicinity. “This was more space than we needed,” says Shuster. “We were only using two of the four floors in the building.”