From almost bankrupt to a leader in the specialty running shoe market—that's the story of Brooks.
Backed by Warren Buffett's Berkshire Hathaway, the Seattle-based company has a 29 percent share in the specialty running shoe market, INC. reported.
"Warren loves these sneakers. He loves them most when we sell a lot of them," Jim Weber, CEO of Brooks, told "Closing Bell" on Monday. "He's excited to have his image on the shoe."
How did it get from almost losing it all to a successful company? By taking risks and erratic moves.
The company, which made sports shoes and apparel, was losing money, and in 2001—to heal financial troubles—the company decided to focus on one thing: running.
The risky move worked—in the last 13 years the company has grown 18 percent compound, and is expected to crack $500 million in revenue this year, INC. reported.
Despite the company's successes, it still faces some challenges ahead. E-commerce is one of them.
Read full INC. story here.
This story has been updated to include comment from Brooks CEO.