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
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