Papa Deuce
<font color="red">BBQ loving, fantasy football pla
- Joined
- Sep 29, 2003
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http://www.washingtonpost.com/wp-dyn/content/article/2009/07/15/AR2009071503672.html?g=0
Crocs were born of the economic boom.
The colorful foam clogs appeared in 2002, just as the country was recovering from a recession. Brash and bright, they were a cheap investment (about $30) that felt good and promised to last forever. Former president George W. Bush wore them. Aerosmith lead singer Steven Tyler wore them. Your grandma wore them. They roared along with the economy, mocked by the fashion world but selling 100 million pairs in seven years.
Then the boom times went bust, and Crocs went to the back of the closet.
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."
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."
The story of Crocs mirrors the country's tale of economic expansion and contraction. At the height of the real estate market, in 2006, the company sold shares to the public, raising more than $200 million in the biggest stock offering in shoe history. It ramped up manufacturing to keep up with demand, only to then find that shoppers were snapping their wallets shut.
Crocs were born of the economic boom.
The colorful foam clogs appeared in 2002, just as the country was recovering from a recession. Brash and bright, they were a cheap investment (about $30) that felt good and promised to last forever. Former president George W. Bush wore them. Aerosmith lead singer Steven Tyler wore them. Your grandma wore them. They roared along with the economy, mocked by the fashion world but selling 100 million pairs in seven years.
Then the boom times went bust, and Crocs went to the back of the closet.
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."
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."
The story of Crocs mirrors the country's tale of economic expansion and contraction. At the height of the real estate market, in 2006, the company sold shares to the public, raising more than $200 million in the biggest stock offering in shoe history. It ramped up manufacturing to keep up with demand, only to then find that shoppers were snapping their wallets shut.
So I bought navy blue to try them out...LOVE LOVE LOVE them. 
Went back to Bean's website and bought pink and lime green....so for the price of one pair of real CROCS I was able to snag THREE Bean Crocs. AND they are COMFY....not the KMart, WAL-Mart, Target type hard plastic knock-off!!! I have Crocs Beach and the Crocs Mammoth but I really like the Bean Crocs ALLOT!!!
Comfort is more important to me than fashion at this point in my life.
