Thursday, July 16, 2009

Silver Lining in the Recession: Follow-up on Crocs Edition

Many, many moons ago, we told you about the most hideous fashion creation ever, Crocs, receiving a going concern warning issued by their auditors.

Well now The Washington Post is putting the nail in the nail in rubber-foam coffin after publishing a eulogy-ish story for the company today and it won't be comforting for Crocs fans (which include former President GW Bush, who probably didn't do the company any favors by coming public with that fact).

Former unpopular presidents aside, the company has a growing inventory and a mountain of debt coming due in September and most see the end coming but it sounds like the company is in denial:
"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."
Ouch, not the zombie analogy! The story comes off a little sad but then we see someone wearing a fluorescent green pair and we're ready to dance on the grave again.

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