Crocs aren't hip anymore - news that may make you ecstatic or depressed, depending on your fashion sense - and workers at a Quebec City factory are paying the price.
The namesake shoe of Colorado-based Crocs Inc. isn't bringing in the same rush of people as in their peak in 2004, forcing the company to ship its Canadian manufacturing south to Mexico after less than six years in operation, putting more than 600 employees out of work.
It only took two years for the company to go from the largest footwear IPO in history to back-of-the-closet obscurity.
"Crocs bites the dust," Robert Samuels, an analyst at J.P. Morgan Securities Inc., said in a note.
Crocs CEO Ron Snyder blames the slowdown in demand on poor Croc-wearing weather and a dismal retail climate, but the more obvious answer, as with any of-the-moment trend, is that people are shunning the shoes many feel are just plain ugly.
"The brand's popularity is in sharp decline, and it is tough to argue otherwise," Mr. Samuels wrote.
It begins. It took a bit longer than we'd expected, but it is happening, inevitably. The full story is HERE.
The seasons are changing here in good ole Halifax. It has been quite warm the past few days, which I rather enjoy. I went to the mall today and saw an old lady wearing one sneaker and one yellow Croc. It struck me as strange. Very unusual. Typically, people wear shoes that match. Perhaps it is this summer's new trend?
In any case, the company that produces our t-shirts, Spreadshirt is running a promotion for springtime! For this weekend only, if you live in the States and you're ordering something from our store, you can get free shipping by entering the coupon code 'SPRINGFREE' when you're checking out. If you're Canadian (like me), you can enter the coupon code 'CADSPRINGFREE' and get five dollars off your shipping. Not a bad deal, especially if you were planning on ordering something anyway. You can get to the shop by clicking HERE.