Auditor questions Crocs' viability
19/03/2009
Footwear brand Crocs has revealed in a financial report that its auditors, Deloitte & Touche, have raised doubts about its long-term viability.
The company lost $185.1 million last year as revenues fell almost 15% to $721.6 million. This followed very rapid growth in 2007, after which the company increased production capacity, warehouse space and inventory in anticipation of continued growth and international expansion.
During 2008, it reduced its workforce by 28% and closed manufacturing facilities in Brazil and Canada.
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