Converse’s $1.9 million retention plan approved by judge

WILMINGTON, Del. (Bloomberg) — Converse Inc., the athletic-shoemaker under bankruptcy protection, won a judge’s approval to pay essential employees $1.9 million if they stay in their jobs until the company is sold. North Reading, Massachusetts-based Converse, best known for its All-Star brand sneakers, filed in Delaware two months ago for Chapter 11 protection from creditors, citing $202.1 million in assets and $226.2 million in debts. The company said it was negotiating to be acquired by private investor-backed Footwear Acquisition Inc. for $117.5 million in cash. In a hearing, company lawyers said the employee-retention bonus — giving 66 workers each a quarter of their annual salary — would take effect no later than May 1.