Crocs Inc. Sinks Deeper Into Swamp of Financial Problems
By March 18, 2009 8:54 AM
Deloitte & Touche LLP, an independent accounting firm, has "substantial doubt" about the future of Crocs Inc., which lost $185 million in 2008, according to Boulder's Daily Camera
. The disclosure was part of the company's filing with the Securities and Exchange Commission yesterday, coming one day before footwear industry veteran John Duerden takes over as the company's new chief executive officer.Â
notes the company implemented "significant cost cutting measures during 2008 and intends to continue its cost cutting actions throughout 2009."
The company was started by three friends from Boulder who made millions of dollars--then the trouble began, writes 5280's Robert Sanchez
At least Crocs can take comfort in the fact that the economy is tight everywhere. To drive home the point, the production of U.S. coins at the Denver Mint declined 26 percent in 2008, writesÂ The Denver Post