For months it’s looked like Crocs would succumb to the economic downturn, returning to the depths of ugliness from whence they came, where no living being would have to look at a new pair for the rest of time. In July experts in these matters predicted the company would crumble as soon as last month. But you may have noticed that today is October 1, and Earth has yet to receive word of the company’s demise. That’s because the shoe brand has just secured up to $30 million in revolving loans. Who would facilitate such a fashion crime? PNC Financial Services Group Inc., that’s who.
Though shares of Crocs used to go for around $70 in 2007 and dipped to $6.65 yesterday, the company may even turn a profit in 2010 thanks to this new credit arrangement, according to experts. Also, they’ve been trying to stop bleeding money by reducing inventory and debt and increasing profitability and probably other glittery financial generalities like that. But! Can they really make a financial turnaround if they don’t win back the Jews? Hmmm?
Crocs says entered new loan agreement [Reuters]