Strong cracks another whipping on Crocs - Crocs lays off 75 people!!
LIBERATOR
steered by Virginia Newbon. I can't wait til its bankruptcy filing!
Should we announce it and let them do everything in their power to
stop it knowing they can't and watch them pull their hair out just for
fun?
Perhaps Geddy Lee & his drug usage has thrown him from reality, yet he
says it's me that's thrown from reality. So, Geddy if not disconnected
(as he got Fates Warning to say to me about me), he can stop this
bankruptcy from coming using the witchcraft - uh, becuase the
witchcraft is real, right Geddy? It's reality that you get from the
witchcraft, not make believe? I mean, Geddy, you haven't been using
witchcraft casting me as a character in your personal witchcraft
conclusions, of which they not being real, require you to subversively
stalk me by illegal use of NSA surveillance tools - of which then you
can arrange my living experiences to be what was your make believe
conclusion, this being what you call "reality"? But Geddy, I've
stopped your witchcraft time & time again proven it to be false and
invalid, yet you continue to try to force it as my truth - this is
abuse, illegal, harmful, and immoral. So I say to you Geddy Lee, if
your witchcraft is valid, Stop Strong from shrinking your powerbase by
bankrupting your companys that define it.
What's wrong Geddy? You seem to think that Chos TKD are mobsters -
OMG, Dick Strong warned me and I missed the warning so it was my fault
that I missed what he communicated - but you Geddy insist that Dick
Strong is part of the mobstering that Chos does - yet Strong, is so
advanced and off your NSA "road map" that you couldn't detect his Cho
pursuit of righteousness. So not only doesn't your witchcraft work
Geddy, but you're nowhere near as intelligent as you have peopel
convinced. If you are and I'm wrong, STOP STRONG from SPANKING YOUR
ASS AND BANKRUPTING YOU AS YOU DESERVE FOR MAKING ME HOMELESS!!
----------------------------------------------------------------------------
Crocs fires 75 more employees
Decline in sales, anemic quarter trigger cost cuts
By Joyzelle Davis, Rocky Mountain News (Contact)
Thursday, August 7, 2008
Photo by Barry Gutierrez
Mara Miller, 8, wears her Jibbitz in her Crocs in September last year
while participating in an art project with sidewalk chalk at the
Community Montessori School in Boulder.
More RetailIn his own words: Crocs CEO Ron Snyder Store closings
likely to spike Whole Foods profit drops 30 percent-plus in third
quarter More stories » Story Tools
Email Print Comments Change text size Share
What is this?
Crocs on Thursday fired 75 employees as the maker of colorful clogs
posted its first drop in sales since it sold shares to the public in
2006.
The majority of the cuts occurred at Crocs' 500-person Niwot
headquarters, said spokeswoman Tia Mattson. The company employs 1,849
in the U.S., including retail workers, and 4,034 worldwide.
This is the second major job reduction at the footwear maker this
year, which has transformed in the past 10 months from Wall Street
belle to trading at less than half its split-adjusted IPO price.
Crocs on Thursday reported second-quarter net income plummeted to $2.1
million, or 3 cents a share, from $48.5 million, or 58 cents, in the
year-earlier quarter.
Analysts surveyed by Thomson Financial had forecast a profit of 5
cents per share, on average, in the latest quarter.
"The first six months of this year have been difficult as we dealt
with the challenging retail environment, unfavorable weather and
increase in competition and a slowdown in sell-through rates of core
styles here in the U.S.," CEO Ron Snyder said on a conference call
with investors.
All executive-level employees will take a 25 percent pay cut, Snyder
said, and are forgoing their 2008 bonuses. Snyder received a $3.2
million bonus in 2007 on top of his $800,000 salary, and cashed in
1.17 million stock options for a profit of $41.8 million last year.
Crocs' profit was at the bottom of the range of 3 cents to 7 cents per
share that the company had forecast July 25.
Revenue slid 0.7 percent to $222.8 million, marking the company's
first revenue decline. While international sales rose 20 percent to
$130 million in the latest quarter, domestic sales dropped 20 percent
to $92.6 million.
Earlier this year, Crocs announced plans to close a 600-employee
Canadian manufacturing plant. Severance costs and intellectual
property litigation fees helped drive expenses to $89.9 million, or 40
percent of revenues, up from $63.5 million, or 28 percent of revenues,
in the year-ago period.
In October, Crocs shares hit an all-time high of $75.21. The once high-
flying stock's turnabout began last fall after a disappointing
earnings report and concerns about inventory buildup, and accelerated
dramatically in July after the company sharply lowered second-quarter
guidance.
Snyder said the company plans to design footwear "for a much more
targeted" market and build more of its own stores as part of its
turnaround strategy. Crocs plans to build three more U.S. stores this
quarter, for a total of eight, and more than double its outlet stores
to 26. Third-party retailers haven't always showcased Crocs's freshest
products, he said.
"We have a whole group now focused on better presentations in stores,
better presentation for some of our newer products," he said.
Subscribe to the Rocky Mountain News