Converse, founded in 1908, was a leading sneaker company. After its 1976 acquisition by
Allied Chemical (now the Allied Corporation), Converse suffered, as one observer noted, “from
Allied’s apparent lack of interest in a consumer business that had been an unwanted part of a larger
package purchase.” The situation changed dramatically after a group of managers and investors
bought out the company in 1982 when sales reached $200 million