Crocs considering going private -source
Crocs Inc, known for its colorful clogs, is considering going private, among other strategic options, a person familiar with the matter said on Wednesday.
The company has held talks with a small group of private equity firms, including Blackstone Group LP and KKR & Co LP, the person said, asking not to be identified because the discussions are confidential.Representatives for Crocs, Blackstone and KKR either declined to comment or did not immediately respond to requests for comment. News of the talks was reported almost simultaneously earlier on Wednesday by Bloomberg News and the Wall Street Journal.
Crocs shares were up 9 percent at $13.79 on Wednesday afternoon on the Nasdaq.
Crocs posted a 2 percent decline in sales for the third quarter, hurt by weakness in the Americas and Japan. The company said it saw less discretionary spending for footwear, apparel and other consumer goods in the U.S.
"I wish I could tell you we were expecting a big improvement in consumer confidence in the U.S. throughout the year, but we are not," Crocs Chief Executive John McCarvel told analysts on the company's earnings call last month.