The End: Crocs
Last week the Washington Post published a story on the impending demise of Crocs, those bizarre gardening shoes that somehow wangled their way into the mainstream in a major way. From WaPo:
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."
To be honest, we're not even sure how this "trend" lasted this long...