Reportedly, NIKE, Inc. (NIKE) is withdrawing financial incentives from Arizona after it decided to pull back the release of a sneaker featuring “Betsy Ross flag” stated to release ahead of the fourth of July holiday. The Air Max 1 sneaker faced criticism and disapproval from Nike sponsor Colin Kaepernick who apparently stated the shoe with the flag symbol looked offensive as it featured colonial-era version of the American flag depicting an era of slavery, as reported in the Wall Street Journal.
“Words cannot express my disappointment at this terrible decision. I am embarrassed for Nike,”, “Instead of celebrating American history the week of our nation’s independence, Nike has apparently decided that Betsy Ross is unworthy, and has bowed to the current onslaught of political correctness and historical revisionism,” Ducey, a Republican tweeted.
Ducey informed that orders have been passed to State’s Commerce Authority to pull back all financial aids for Nike. Nike had plans to set a $185 million plant in Goodyear, Arizona generating employment for 500 people.
Nike responded to the withdrawal of the sneaker stating “chosen not to release the Air Max 1 Quick Strike Fourth of July as it featured an old version of the American flag.” as reported by a Nike spokesperson.
NIKE, Inc. (NIKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.
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june 26 (12)