Good news! Crocs might disappear as soon as September. The shoemaker has until the end of September to pay off its debt. Last year the company lost $185.1 million. They cut about 2,000 jobs, but still owe creditors millions. The Washington Post reports:
"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."
After, against all logic, the company managed to sell 100 million pairs of shoes over seven years, they made millions more shoes to meet demand. They even made charms with which to adorn them. Luckily the universe has no room for this sort of hideousness, and as fate would have it, the economy crashed. Crocs customers realized their money is best spent on anything other than that absurdly ugly footwear.
Two summers ago, Nancy Fisher of the District bought two pairs of Crocs, one green and one pink, for her daughters. The girls, now 8 and 12, wore them constantly and even got charms to decorate the tops. This year, the shoes are forgotten.
"They were their go-to," Fisher said, "and now they're just really interested in flip-flops."
Praise! But the company is in denial about their imminent demise. They recently hired a new CEO to lead the seemingly pointless exercise of trying to keep Crocs afloat. He's telling analysts George Clooney has promised to work with the company. We thought George had decent taste, but it makes perfect sense: Someone as rich as he is hasn't felt the economic force that knocked the beer goggles off so many other Crocs customers.