[Read this story for a major update]
Beaverton for the Livestrong Ride in ’05.
Beaverton, Oregon-based Nike Inc. will no longer produce develop or sell cycling related gear or clothing.
The company tried to establish a foothold in the cycling industry with its sponsorship of Lance Armstrong and his former teams but according to a source close the company they plan to drop their offerings of cycling gear.
Their Nike Cycling website is still up, and they will continue to sell product through 2007.
All cycling employees have been let go.
More details coming soon…
[NOTE: I scooped myself on this story. I mentioned it during a taping of The Spokemen Podcast this morning, before I had published it here.]
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UPDATE 2: I have published a major update on this story.
UPDATE 1: Also watch this story at BikeBiz UK for more details.