Crocs said to be on last breath - Macleans.ca
 

Crocs said to be on last breath

The foam shoe equally loved and loathed on death bed


 

Crocs, the empire behind the candy-coloured microbial foam clogs worn by toddlers, granny gardeners and Aerosmith’s Steven Tyler is gasping for life, the Washington Post reports. The company, which had a profit of US $168.2 million in fiscal 2007, reported a US$185.1 million loss last year, 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 has until the end of September to repay its debt. The global growth of the company founded in 2002 based in made-in-Canada technology “mirrors the country’s tale of economic expansion and contraction,” the paper reports. Part of its downfall was the shoes’ durability: “Who needs a second pair of Crocs in a recession, particularly when the first pair is holding up just fine?” Crocs executives are hoping for a rebound in sales but industry watchers are doubtful: “The company’s toast,” said one investment fund manager. “They’re zombie-ish. They’re dead and they don’t know it.”

The Washington Post


 
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Crocs said to be on last breath

  1. Have always thought crocs to be the damnedest, ugliest looking things I'd ever seen on a pair of feet. Even if given to me, I'd not wear them.

  2. From the article in Washington Post:
    Crocs not only had a look, they had a story. In 2002, three longtime friends from Boulder, Colo., got hold of technology developed in a Canadian laboratory in 1999 that created a lightweight, antimicrobial foam.

    Dammit – first the Avro arrow now the Croc? Actually, in this case Canadians can be happy if nobody knows about the Canadian Croc Connection.

  3. As the US manufacturer for Crocs for several years, our company produced a few million Crocs. Although we stopped manufacturing from them early last year, I will be sorry to see them go.