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
© 2009 CBS Interactive Inc.. All Rights Reserved. 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
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2 Comments Add a Comment
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- Nice reporting K-D. I love one sided pieces. The child interviews were the most riveting. I'm sure Crocs appreciates the publicity.
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- Pet rocks, Mood rings and Crocs should all rightly be grouped as flash in the pan fads, however you erred including Eath Shoes. I bought them for 10 years and a slightly modified version is still available (at $200 to $400). Also the picture shown was not an original earth shoe. It looked like a Hush Puppie or "Chuka" boot. Earth shoes were the MOST durable and comfortable shoes I have ever owned!
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