Remember a couple of summers back, when every living human seemed to be running around in an ugly, rubbery version of the Dutch clog? Crocs were big in boom times, writes the Washington Post's Ylan Q. Mui, and now they're going the way of that golden prosperity.
Crocs — whose shoes are made of a specialized foam, Mui writes — sold 100 million pairs in the last seven years, but apparently not enough of those sales happened recently. The company lost $185.1 million last year and now has until September to pay off its debt. From the WP:
"The company's toast," said Damon Vickers, who manages an investment fund at Nine Points Capital Partners in Seattle. "They're zombie-ish. They're dead and they don't know it."
Croc's stock is down 76 percent, the WP says. At about $30, they're still cheap enough for many. At my house, it's more an issue of what that $30 buys. We've had to stitch the strap back into place on both shoes in our seven-year-old's pair. Just saying.
UPDATE: Croc's CEO responded to WP report on the company's blog. John Duerden acknowledged Croc's financial difficulties, but said his company's line of more than 120 styles of shoes makes this "a good business to be in at a time when families are watching their budgets, and we're confident in the future of our company."
Bonus: Couple makes $10 million in Crocs accessories.