Once-hyped, celebrity-backed company snapped up by American Exchange Group for fraction of former valueBusiness live – latest updatesAllbirds, the San Francisco sustainable trainer brand once valued at more than $4bn, is being sold for just $39m (£29.6m) after global demand for its wool-based foo twear failed to materialise.American Exchange Group, the owner of a string of brands including the fashion label Ed Hardy and the accessories maker Born, is snapping up the struggling company once touted as the future of footwear. Continue reading... ...read more read less