Crocs Inc. (CROX) Chief Executive Officer John McCarvel will retire and Blackstone Group LP (BX) will invest $200 million in convertible preferred stock as the maker of colorful plastic clogs struggles to regain lost popularity. Crocs has been trying to revive its fortunes after consumers tired of its trademark clogs, knockoffs cut into sales and U.S. consumer spending slumped. The Blackstone investment comes after Crocs attempted to find a buyer for the whole company, people familiar with the situation said in November. "We've been unable to repurchase stock while negotiating this transaction, but we now expect to do so beginning in the first quarter of 2014," Jeff Lasher, chief financial officer, said in the statement.
via Business News - Yahoo Finance http://finance.yahoo.com/news/crocs-ceo-mccarvel-retire-blackstone-035737386.html
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