What does it mean by declared us in breach of contract for bringing out our own Nike shoes

Being declared in breach of contract for bringing out your own Nike shoes means that you've violated the terms of your agreement with the other party, in this case, Onitsuka.

In the context of the content, it seems that the company had an agreement with Onitsuka to sell their Tiger shoes. However, when they started producing and selling their own Nike shoes, Onitsuka saw this as a violation of their contract.

This could be because the contract included an exclusivity clause, which means that the company agreed to only sell Onitsuka's products and not to produce or sell any competing products.

When a breach of contract occurs, the party that is not in breach may have the right to terminate the contract and may also be entitled to damages. In this case, it could have potentially led to serious financial consequences for the company.