The auditor of Crocs Inc. says it has "substantial doubt" about the Niwot-based 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.
Crocs said it needs to find a cost structure that its revenues will support. The company lost $185.1 million last year as revenues fell almost 15 percent to $721.6 million.
Crocs said it must secure financing and maintain enough liquidity to pay obligations. It said it has $22.4 million in borrowings under a loan that matures April 2.
As of Dec. 31, it had $51.6 million in cash and cash equivalents.
Crocs officials didn't immediately return a phone message to The Associated Press Wednesday.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus