Crocs chief executive John McCarvel will retire and Blackstone Group will invest $200 million in convertible preferred stock as the maker of colorful plastic clogs struggles to regain lost popularity.
The shoemaker will use the funds to increase stock repurchases to $350 million, Niwot, Colo.-based Crocs said in a statement. McCarvel will step down on or about April 30.
Crocs has been trying to revive its fortunes after consumers tired of its trademark clogs, knockoffs cut into sales and U.S. consumer spending slumped. The Blackstone investment comes after Crocs attempted to find a buyer for the whole company, people familiar with the situation said in November. Full story for BostonGlobe.com subscribers.