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The Nike Cortez is the first track shoe released by Nike in 1972, and is therefore thought to be a significant aspect to the success of the company. The Nike Cortez was first designed by Nike co-founder Bill Bowerman , [ 2 ] aiming to produce a comfortable and durable running shoe for distance training and road running.
Thirty years after the movie's release, Nike is cashing in on Forrest Gump once again. This week the brand rereleased the film's classic red, white, and blue Cortez sneakers.
Foot Locker has steadily risen in Fortune 500 rank, from 446 in 2011 [15] to 363 in 2018. [16] Foot Locker recorded a record turnover of 7.151 million dollars at the end of the fiscal year 2015. [17] In 2019, Foot Locker invested $100 million (~$118 million in 2023) in GOAT, an online resale marketplace for sneakers. [18]
During a recent event celebrating Foot Locker’s 50th anniversary in New York City, it was hard to imagine that the legacy sneaker chain was appearing on bankruptcy watch lists as recently as March.
This caused a problem as both companies were selling shoes with the same name, Cortez, and both went to court in a lengthy legal battle. Eventually in 1974, the court ruled in favor of Nike and they were given the right to sell their shoes under the Cortez name leading Onitsuka Tiger to rename their shoe the Corsair. [4]
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