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...Somali nomads were probably wearing them. President George W. Bush had at least one pair. So did Rosie O'Donnell and George Clooney. As well as, oh, about 2 billion children. Sales at the Colorado-based company climbed from a meager $24,000 in 2002 to more than $847 million in 2007. When Crocs went public in February 2006, it raised $208 million - the largest shoe-firm IPO in market history...
...Then fortunes turned. Demand for Crocs, which are named after a crocodile because they can be worn on both land and in the water, began to cool in early 2008. Throw in the global downturn and sales tumbled 15% to $721.5 million in 2008, leading to a loss of $185 million, following a profit of $168 million a year earlier. Its share price plummeted from a high of $74 in November 2007 to a low of just $1.05 last November. It was, says John Duerden, Crocs' chief executive, "the perfect storm." (See pictures of 23 years of Air Jordans...
...same time the firm must keep hold of its core fan base while opening up new product lines. Millions still love the standard resin shoes but plenty of people despise them, too. Duerden says he receives hate mail from nonplussed members of the public; others use the website ihatecrocs.com to vent. But Crocs is confident there's a deep pool of demand for its shoes. Despite the slowdown, the firm has sold around 120 million pairs so far this year, largely to the core demographic of suburban families, across more than 100 countries...
...Society of Professional Asset-Managers and Record Keepers says nearly 73 million Americans, or just under 50% of our working population, now have a 401(k). And collectively we pour more than $200 billion into these accounts each year. But retire rich? Don't bet on it. The average 401(k) has a balance of $45,519. That's not retirement. That's two years of college. Even worse, 46% of all 401(k) accounts have less than $10,000. Today, just 21% of all U.S. workers are covered by traditional pensions, and the number shrinks every year. "The time...
...harem-like get-togethers at Berlusconi's residences and a prostitute who says she was paid to spend the night with him. Adding to his woes was a civil court ruling on Oct. 3 that may force Berlusconi's family-business holding company to pay a whopping €750 million ($1.1 billion) to archrival businessman Carlo De Benedetti in an 18-year-old case about alleged corruption in the takeover of the Mondadori publishing house. (Read "How Has Berlusconi Survived His Sex Scandal...