Has America really lost its passion for antifungal clown clogs so quickly?

In February 2006, Crocs, Inc. raised $208 million in its IPO; it was the most successful stock market debut for a footwear company in the history of feet.  In 2007, Crocs sold 30 million pairs of shoes worldwide. In October of that year, its stock price hit $75 per share, giving the company a market cap of $6 billion. In 2008, revenues declined $126 million from the previous year, with a 44 percent drop in the fourth quarter alone. A couple of weeks ago, Crocs’ auditors expressed “substantial doubt about the company’s ability to continue as a going concern.”  This week, the company is scrambling to find a way to pay off a $22.4 million debt on its revolving credit line. Its… More…