The independent accounting firm of Crocs Inc. has "substantial doubt" about the future viability of the Niwot-based shoe company that experienced revenue decreases and a $185 million net loss in 2008.
Crocs on Tuesday disclosed the audit opinion from Deloitte & Touche LLP, its independent registered public accounting firm, which said it had "substantial doubt about the company's ability to continue as a going concern," according to a filing made Tuesday with the Securities and Exchange Commission
The opinion marks another hurdle for the company that experienced skyrocketing popularity for its brightly colored shoes and subsequent revenue growth in 2006 and 2007, only to see the gains fade in 2008.
Yeah, who woulda thunk that hideous rubber prison-detail-looking shoes wasn't a recession-proof industry? Anyway, I know Tim Tebow will be crushed by this surprising news, but maybe the rest of us will be able to sleep just a teeny bit easier tonight.