Every once in a while, there’s the perfect opporunity to actually post some cats, and this is one of those times.

Of late, there hasn’t been a bigger fashion fail than Crocs – brightly colored rubber shoes with perforations that some people choose to adorn with “jibbitz”, and my shame in knowing the word “jibbitz” knows no bounds despite the fact that it is actually used on their 10-K (yet, I used the word “merkin” today in a comment on a post below with no shame whatsoever). They found niche popularity with gardeners and beachgoers for their ability to repel filth, and have found their way onto the feet of many children, tourists and the overall too-lazy-to-tie-a-shoe set. IMO, they would also be 100% effective as birth control, in that if you are wearing them, I would not hit it, but this would be an off-label use. Granted, there was a little issue somewhere with them getting caught in escalators, but that is neither here nor there when it comes to convenience.

But this is LOLFed, and you don’t come here to hear me editorialize about fashion. Don’t worry, they’ve got financial fail going on too – this formerly $75 stock is on the Nasdaq Dollar Menu and it’s received its official going-concern warning, as Deloitte steps up to do what I’ve wanted to do for a long time, which is to mark it zero:

Crocs faces an April 2 deadline to pay off $22.4 million it owes on its revolving credit line. On Thursday, the company said it is seeking an extension and is in discussions with lenders to secure a new line of credit. The company on Tuesday disclosed that its auditors had expressed “substantial doubt” about Crocs’s ability to stay in business.

Crocs… posted a $184 million loss last year. Revenue fell 15% in 2008, including a 44% drop in the fourth quarter.

Yup. From the 10-K:

Should the global economic conditions deteriorate further, we may experience further revenue declines in the Americas, European, and Asian markets. Should we fail to develop and effectively merchandise new products that appeal to the consumer, we may not be able to compete effectively and may experience further declines in revenues.

A cursory search of Slickdeals showed numerous instances of CROX product selling for 75% or more off retail, so the drop in revenue is unsurprising. They do seem to have fallen out of fashion, and with that, I breathe a sigh of relief that they may be going the way of the dodo.