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Crocs tries to recapture the magic - with press releases

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With its stock in the toilet as the hype surrounding its ugly, clog-like, sandal shoes subsides, Crocs Inc. (NASDAQ: CROX) has taken to putting out daily press releases announcing pretty much anything. From May 13th through the 16th, the company actually managed to announce something every single day.

First the company announced that it had won a $56 million judgment against a company that had the audacity to produce charms for its footwear, violating the intellectual property of its Jibbitz company. But the stock failed to budge and the company didn't comment on the collectability of that judgment.

Then on the 14th, the company announced that it had launched "www.CitiesByFoot.com, a comprehensive website with guides to more than 70 shops, restaurants, boutiques and historic destinations in six U.S. cities." Just what we need: another travel site.

On the 15th, Crocs hired a new vice president of merchandising and, on the 16th, Crocs announced its new website again, just for fun. That same day Crocs also announced that it had debuted "Two New Women's Footwear Styles at the National Restaurant Association Show."

Five press releases in four days including one duplicate: the shamelessly-promotional hat trick was complete.

I've been critical of Crocs for a long time. Last year, the company's executives sold an enormous amount of stock as the share price soared. But the hype is gone now, and even 10 press releases a day won't make this one into a hot momentum stock again.

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Last updated: November 27, 2009: 06:17 AM

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