Crocs auditor raises a red flag
Posted Mar 19th 2009 7:00AM by Zac Bissonnette
Filed under: Bad news, Crocs Inc (CROX)
Not so long ago, Crocs Inc. (NASDAQ: CROX) was riding high as its rubberized clog-like sandal shoes were the hottest thing in retail.
Now the fad has died, sales have fallen through the floor, the economy has tanked and worst of all, the company's auditors have "expressed substantial doubt" about the "company's ability to continue as a going concern."
This is the first good news I've seen in quite a while.
I'm shedding crocodile tears over this. A very good friend of our family purchased a substantial portion of the company's shares when they went public several years ago. He was unbearable as the stock price rose to silly numbers. He hasn't sold. Gravity works. Enuf said.
Toad
4 hours ago
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5 comments:
Crocs are a great garden, errand, cooking shoe -- but admitedly not pretty -- I have yellow ones -- DH calls me Ronald McD -- luckily, he doesn't call me a duck!
I have them in an army green color, and use them for the yard work.
Your friend. A little schadenfreude. See, crowing about one's successes usually does come back to bite one.
I attended a seminar where the financial team from Croc's was seated directly in front of me. In the middle of day one, the electricity at one of their warehouses had been turned off, I'm assuming to lack of payment. They thought it was hilarious. Obviously, they had already found other jobs.
I have two pair also, but would never leave home with them. Ever notice the puppy leaves them alone too.
I love ugly shoes. I own a boat load of them but drew the line at Crocs. I just never could get my mind around why people wanted to walk around with duck feet.
Oh I didn't buy Croc, Krispy Kreme or Bigbuck stock. Thought it was too risky. Instead I bought solid stocks like WAMU and Bank of America.
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