Nike to exit elite swimwear market

BEAVERTON, Ore. (AP) -- Nike says it is leaving the elite swimwear market.

The sportswear company said Monday it will continue to provide swimwear for colleges and sell to consumers in the traditional retail setting. But it will not compete against the likes of Speedo to get the swoosh on the world's top swimmers.

Nike said in a statement that it made a "strategic decision as part of the company's long-term growth plan."

The company Nike lost some of its edge at the Beijing Olympic games when Speedo stole the spotlight with its revolutionary LZR Racer suit, worn by Olympics darling swimmer Michael Phelps. Other swimmers clamored to get the suit at the games, and Nike even allowed some of its athletes to wear the LZR Racer.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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