The company may be a victim of bad timing. Crocs geared up for strong international and product growth only to watch sales drop last year amid the recession.The auditor of Crocs Inc. says it has "substantial doubt" about the shoe company's ability to stay in business amid falling revenue.
Crocs disclosed the opinion of Deloitte & Touche LLP in an annual report filed Tuesday with the Securities and Exchange Commission.
"It's a really serious sign the company has some financial difficulties ahead," said Chris Hughen, associate professor of finance at the University of Denver's Daniels College of Business. Still, he didn't expect the company would die. "If they can right-size the company, the company will survive," he said.
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