July 16, 2009 7:20 PM
- Text
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
Latest Now in MoneyWatch
- Big banks, gov't officials strike $25B deal
- LinkedIn swings back to profit
- LinkedIn doubles revenue, beats growth estimates
- Kodak to stop making digital cameras, frames
- Market cap, schmarket cap, Apple still gets no respect
- Philip Morris Int'l income up nearly 8 percent
- Survey: Small biz plans big hires in 2012
- Freddie Mac: Mortgages inch higher but stay low
- Will the European debt crisis sink Obama's re-election?
- Banks in $25B deal to settle foreclosure abuses
- Joe Coffee: Scaling up without selling your soul
- Greek agreement accomplishes nothing
- 401K plans: New rules make costs clearer
- Are women leaders selling themselves short?
- Ask the Experts: New 401(k) rules
- Mortgage lenders strike a deal
- $25B foreclosure-abuse settlement reached
Latest CBS News Headlines
on Facebook
on CBS News
- Anchor recovering from dog bite during broadcast
- Man accused of threatening Obama charged again
- NY Fashion Week: Wearable, sellable style for fall
- On the Call: LinkedIn CFO Steve Sordello
on Facebook
- Adele opens up about vocal cord surgery
- Tenn. father charged with murdering couple who"unfriended" daughter on Facebook
- Mo. teen gets life in prison for murder of 9-year-old girl
on CBS News
