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Croc-odile tears
The Washington Post is reporting that the Crocs shoe company is on its last legs:
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.
"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."
I hate to hear about people losing jobs. But I can't say I'll be sorry to see these hideous, holey plastic shoes go the way of the scrunchie.
[A man can certainly wear pink. A man CANNOT WEAR PINK CROCS(!). / Jonathan Levitt for The Boston Globe]
Update: Crocs President and CEO John Duerden responds to the Washington Post article.
ABOUT STYLEPHILE The Globe's Style writers dish about home design, fashion, and celebrity style.
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Christopher Muther (@chris_muther) writes for the Globe's Style section.
Hayley Kaufman is editor of the Style section.
Rachel Raczka (@rachelraczka) is the lifestyle producer for Boston.com.
