Free falling from a 2007 fiscal year profit of $168.2 million to 2008 loss of $185.1 million, Crocs are nearing extinction.In a classic example of too much, too fast, the company expanded in multiple locations worldwide to meet sales demands - 100 million pairs in 6 short years. In a waning economy, and perhaps total market saturation, sales have plummeted. Factories and shipping locations that were shoring up now stand empty.
John Duerden replaced Ron Snyder as CEO this year, and believes Crocs have a revival in niche markets for medical, catering and people with troubled soles. It is rumored George Clooney will be on board to rep the shoes.
Does the company really stand a chance? Growing too fast is almost more deadly than no growth.The image overhaul may not help. One reason Crocs went where others did not is that they were able to entice men and children to buy. I've seen this new style on and have to admit, they were pretty attractive. But decidedly feminine.
By fall, Crocs, with the popularity of Beanie Babies, could just be another chapter of plastic shoe history to add to Jellies. Do you wear them? Would you miss them?
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