Remember those shoes (slippers or clogs or whatever you want to call them) that suddenly were seen on everyone’s feet several years ago? They are not-so-pretty rubberized (or foam, maybe) footwear in all sorts of garish colors. Who can forget them?
For one reason or another, Crocs became so popular. Children aged 2 wore them. Your next door neighbor wore them. Your boss might have even worn them. I know President Bush did. Even Aerosmith front man Steven Tyler sported Crocs!
They say that this was a sign of the economic times – there was a boom and the company behind Crocs rode that wave. In spite of the fact that everyone with the slightest bit of fashion sense knew that there was something off about the footwear, about 100 million pairs were sold in seven years.
Almost a decade later, the economy has crashed, and it seems that Crocs is going down with it. Reports say that last year alone, the company lost $185.1 million. Around 2,000 jobs have been cut, and the company is scrambling to find money to pay its debts.
So what happened? Was the pricing too much or did people just wake up to reality (fashion wise)? They say it’s a bit of both. Crocs are not that expensive – you can get a pair for $30. With financial problems, though, even $30 may be too much for some. And then, the good old flip flops seem to be making a comeback, pushing Crocs to the back of the closet.
So where are your Crocs? I know where mine are – oh wait, I never had a pair!
