To know me is to know I ABHOR Crocs. I think they are a footwear abomination and any time I see them in a store window I want to bomb said window with rotten eggs. I had hoped people had finally reached their good senses when I heard the ugly rubber footwear brand was not doing well. So when I picked up my NY Post this morning and read Crocs will get a $200 million investment from Blackstone Group – I let out a scream.
The news sent shares of the 11-year-old Colorado-based company surging 13% in pre-market trading earlier today. Yikes. Blackstone will apparently receive preferred shares paying 6% interest (equal to 13 percent of the company) and will also get two board seats. Additionally, CEO John McCarvel will retire in April and will also give up his seat on Crocs’ board.
“We will recruit a new CEO who will work with the reconstituted board to refine our short-term and long-term strategic plans, which will include a sharper focus on earnings growth with less emphasis on top-line growth,” said Chairman Thomas Smach.
Lord help us. Some things are better left to die.
– Lauren Dimet Waters
Source & photo: NY Post
