The company that makes Crocs shoes may be gone by September
Posted by
Brian (aka trav007)
Jul 16 '09, 08:42
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Once-Trendy Crocs Could Be on Their Last Legs
As the economy boomed, Crocs became a huge seller. But now cash-strapped consumers have decided they don't need a second pair.
As the economy boomed, Crocs became a huge seller. But now cash-strapped consumers have decided they don't need a second pair. (By Charlie Neibergall -- Associated Press)
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By Ylan Q. Mui
Washington Post Staff Writer
Thursday, July 16, 2009
Crocs were born of the economic boom.
The colorful foam clogs appeared in 2002, just as the country was recovering from a recession. Brash and bright, they were a cheap investment (about $30) that felt good and promised to last forever. Former president George W. Bush wore them. Aerosmith lead singer Steven Tyler wore them. Your grandma wore them. They roared along with the economy, mocked by the fashion world but selling 100 million pairs in seven years.
Then the boom times went bust, and Crocs went to the back of the closet.
The company had expanded to meet demand, but financially pressed customers cut back. Last year the company lost $185.1 million, slashed roughly 2,000 jobs and scrambled to find money to pay down millions in debt. Now it's stuck with a surplus of shoes, and its auditors have wondered if it can stay afloat. It has until the end of September to pay off its debt.
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