I know them, you know them. Everyone knows them! Crocs haven’t been around that long but they’ve sold millions and millions of pairs. Yet, the economy has hit the unique shoe manufacturer very hard. According to CBS News, losses from last year ($185 million) exceeded the profits of 2007.
How do you lose $185 million making those shoes???
Well, you expand really quickly and hire a ton of employees it seems. According to CBS News, the company is laying off one in three employees. How many employees are being fired in total? 2,000. Well, that explains it.
Hopefully the weekend will bring us some better news on the layoff front.
One Response
laidoffguy
July 18th, 2009 at 9:21 am
1It was almost evident from the beginning that the company was over producing. For a long time their shoes came on the market, you would see racks and racks of them with the stock hardly moving. Then you would see the Crocks at flea markets and other secondary stores.