Converse Monday filed to reorganize under Chapter 11 bankruptcy. In the process, the sneaker marketer will close plants in North America by March 31 and shift production to a supplier in Asia. The 97-year-old company, known for its Chuck Taylor line and five-point all-star logo, will shift focus from manufacturing to licensing its name. Converse's endorsers include NBA players Karl Malone, Kenny Thomas and Ron Artest.
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