Thursday, March 19

Silver linings, etc.

Not to downgrade the severity of the recession or make light of the plight of the people having to suffer through it, but if the economic downturn can make stuff like this happen, maybe it's not all bad:

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.


Reed said...

Doesn't anyone who wants Crocs already have 'em? They're overdue for innovation...

Kristen said...

Yay! Can Uggs be far behind...?

Kevin said...

agree with Reed, once you have a pair, why the f*** would you want any more?

Like they say: you love em, or you hate em. Seems as though everyone that loved them got a pair, and that's that.

I believe they call that, Market Saturation.
Thanks Stringer Bell!

JasonC said...

All I know is that my roommate is trying to keep them afloat. I am staring at no less than 9 pairs.


Finally a small light in the darkness. Nobody over the age of three should ever wear Crocs. And really, the three year olds should know better too.