Crocs Lays Off A Third of Employees
Swear by them or swear at them, it's impossible to be neutral about Crocs.
Even celebrities have trouble making these shoes cool, hip or good looking – no matter how cool, hip or good looking the celebrities are.
As the economy boomed so did Crocs, 100 million pairs were sold in the past seven years. But now, there's a stunning reversal from a $168-million profit in 2007 to a $185-million loss in 2008, leaving the company with serious debt. Crocs has given 2,000 employees - a third of its work force - their walking papers.
So will they go the way of the earth shoe, mood ring and pet rock? Or will Croc-craving fans come to the rescue?
To watch Katie Couric's complete report, click below:
Watch CBS Videos Online
Even celebrities have trouble making these shoes cool, hip or good looking – no matter how cool, hip or good looking the celebrities are.
As the economy boomed so did Crocs, 100 million pairs were sold in the past seven years. But now, there's a stunning reversal from a $168-million profit in 2007 to a $185-million loss in 2008, leaving the company with serious debt. Crocs has given 2,000 employees - a third of its work force - their walking papers.
So will they go the way of the earth shoe, mood ring and pet rock? Or will Croc-craving fans come to the rescue?
To watch Katie Couric's complete report, click below:
Watch CBS Videos Online
Extraordinary Rebound from a Meltdown
Goldman, rescued last year by $10 billion taxpayer bailout, is back in the black. It reported a second-quarter profit today of more than $3 dollars - and, it's paid back the loan.
Still waiting for a rebound is the job market. The president said Tuesday we'll have to wait a while longer.
"We will probably continue to see unemployment tick up for several months," Mr. Obama said.
The resident once predicted it would top out at 8 percent. It's now 9.5 percent.
And what looks like a glimmer of hope for the economy may be a mirage. Retail sales rose in June, but it wasn't so much that we were buying more, we were paying more as gas prices spiked.
Watch Katie Couric's report below:
Watch CBS Videos Online
Still waiting for a rebound is the job market. The president said Tuesday we'll have to wait a while longer.
"We will probably continue to see unemployment tick up for several months," Mr. Obama said.
The resident once predicted it would top out at 8 percent. It's now 9.5 percent.
And what looks like a glimmer of hope for the economy may be a mirage. Retail sales rose in June, but it wasn't so much that we were buying more, we were paying more as gas prices spiked.
Watch Katie Couric's report below:
Watch CBS Videos Online
New GM CEO: "We Need To Do More"
With all the anger across the country about taxpayer bailouts, President Obama stood up to the auto companies today and said firmly -- you're not getting another one, unless you come up with better plans for restructuring your companies. The president forced out General Motors chairman Rick Wagoner and gave the company 60 days to submit a new restructuring plan. CBS Evening News anchor Katie Couric spoke to Fritz Henderson, GM's new CEO.
Katie Couric: Mr. Henderson, you have 60 days to get GM's house in order. Is that enough time?
Fritz Henderson: Well, I would say, Katie, we have - we've done a lot already. So it's not as if we need to recreate a plan from Day One. I think the clear findings of the task force was we need to move faster. We need to move deeper. And I think the clear view from their perspective, our perspective, is we're going to do what it takes to get this job done. And a 60-day period is what they outline for doing this out of court. And if we're not successful doing it out of court, we will do it in court.
Couric: President Obama said today at the White House, quote, "It will require unions and workers who have already made painful concessions to make even more." We've heard some GM workers say today enough is enough. They're not willing to make any more concessions, give any more back. What then?
Henderson: Certainly it's, you know, it's a tough message. I thought some of the measures that were identified to try to help - for example, communities and help people - were very well-structured. And I think there's a recognition that when sacrifice is required, there is pain and the need to help. So certainly I understand the reaction. But I think there's no question that more is going to be required from all of us.
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Katie Couric: Mr. Henderson, you have 60 days to get GM's house in order. Is that enough time?
(AP Photo/Carlos Osorio)
Couric: President Obama said today at the White House, quote, "It will require unions and workers who have already made painful concessions to make even more." We've heard some GM workers say today enough is enough. They're not willing to make any more concessions, give any more back. What then?
Henderson: Certainly it's, you know, it's a tough message. I thought some of the measures that were identified to try to help - for example, communities and help people - were very well-structured. And I think there's a recognition that when sacrifice is required, there is pain and the need to help. So certainly I understand the reaction. But I think there's no question that more is going to be required from all of us.
Continue »
