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The Wall Street Journal reported that Nike Inc is pulling the plug on its Livestrong brand of sneakers and clothing after a nine year relationship with the foundation started by Lance Armstrong and best known for its yellow wristbands, which helped raise more than $100 million for cancer survivors. A Nike spokeswoman confirmed that the Company will stop producing new Livestrong products at the end of the year after having distributed 87 million wristbands to benefit the foundation. The footwear giant had already ended its sponsorship of the former pro cyclist last October, citing what Nike called insurmountable evidence that Mr. Armstrong had used performance enhancing drugs and misled the Company about that for more than a decade. At the time, Nike said it would continue to support the charity and license the Livestrong brand for a collection of clothing, shoes and other merchandise. The agreement between Nike and the foundation expires at the end of 2014. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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