It wasn't a good week for mayoral footwear. On Monday, Crocs Inc. lowered it's first-quarter forecast based on lower sales of the odd clogs and expenses related to a plant closure. By Tuesday the price of shares had dropped 43%, for a combined drop of 73% so far this year. Shares are now somewhere around the $10.00 mark.
Also this week, Japan instructed Crocs to change the design of the rubber sandals. Their Trade Ministry has issued a warning based on multiple complaints of the footwear becoming stuck in escalators.
Crocs Inc. is closing it's Canadian plant to concentrate production at lower-cost facilities. I think what this means is we'll probably be seeing a lot more "Made in China" labels.
