For months there has been much speculation that Crocs, the ugly comfort shoe company, would go toe up any day now. And this probably would have been the case if PNC Financial Service Group didn't come along and ruin everything.
The lending giant just loaned the funky footwear company $30 million in a credit arrangement that should pay off within the next year, if not profit. This stands in stark contrast with Crocs's recent history: back in 2007, shares were going for about $70 a piece, but have since plummeted, yesterday hitting a $6.65 rock bottom. Today, they're predicting a profit in 2010.
Why!! We were so close! Kidding. They may be fug. But we do secretly love our Crocs!
Oh well. Guess we'll have to just keep averting our eyes. Or maybe we could convert to Judaism!
[Image via AP Images.]
Posted: October 1, 2009 at 6:21 pm
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