"For a while, they were just right there, in the middle of American culture," says Richard Polk, the owner of Pedestrian Shops and ComfortableShoes.com, based in Boulder, Colo. Polk's store was the first real shoe store to stock the crazy-looking plastic shoes, a few years back, when they first roared out of nearby Aurora to take the world by storm. Polk was a believer; not only did his shop get on the bandwagon early, but he also wore a pair all through a campaign for Boulder City Council in 2005. Yet looking back, even he can't quite believe it. "It was amazing -- here you got grown-ups talking about serious stuff, wearing royal blue shoes," Polk says. "I don't think that'll ever happen again."
Which is sort of the problem for Crocs Inc. now. Reports about the company's future look bleak -- it lost $185.1 million last year, shed 2,000 jobs, and revenue in the first quarter of 2009 declined by 32 percent. And yes, you read that right -- they had grown so big so quickly that they laid off 2,000 people. Just three years ago, Crocs went public in a splashy stock offering, raising $200 million; now it trades at about three bucks a share, down from a high of nearly $70 in October 2007. Analysts wonder whether a scheduled September debt payment will do the firm in.
Wednesday, August 19, 2009
Crocs: On life support
Crocs are on the decline and the company teetering on the brink. [Salon.com] Say it ain't so!
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