Crocs Inc., the company that makes those shoes that people think are appropriate to outside of their house, said it will miss its sales and profit forecast and will be shutting down a plant in Québec to cut costs. Wait, you mean people make crocs as a living? The horror!
The Toronto Star says:
"Shares in the Niwot, Colo.-based company hit a new 52-week low yesterday, plunging 43 per cent to close at $10.11 (U.S.) on the Nasdaq Stock Market.
The Quebec plant employs 670 people. Crocs said 262 people had already been laid off and the rest will lose their positions by the end of July."It's always awful to hear about mass layoffs but I am delighted to hear that women might not have to endure seeing Crocs on the feet across from their Nine Wests/Manolos/Hell, even Adidas would do.
"'Crocs bites the dust,' Robert Samuels, an analyst at J.P. Morgan Securities Inc., wrote in a note to clients."And fashion-conscious women around the world cheered.
(Photo: Toronto Star)