Is The End Of Crocs Near?
Fashionistas, prepare to rejoice. It may soon be to time to celebrate the death of your loathed Crocs. It seems that after selling more than 100 million pairs since 2002, the company is facing mega losses and is on the verge of going broke. In the last fiscal year, the company lost $185.1 million, cut 2,000 jobs, and has gained a debt it still hasn’t paid off. Five months ago, the company replaced the CEO with a man who specializes in brand renewal, but thus far there has been no spike in sales. Although the company plans on targeting specialized fields like caterers and medical professionals, if they don’t pay their debt off by September, they are dunzo. It’s the simple case of too much supply and no demand. [MSNBC]