It was a big day recently for footwear retailer Crocs (NASDAQ:CROX). The company announced a financial partnership with Blackstone that will involve $200 million of preferred shares. According to the press release, this cash infusion will allow Crocs to buy back a significant amount of stock going forward, which normally looks good for any company. However, Crocs made a number of other announcements that may have been missed, which don't tell the whole story with this struggling retailer. Today, I'll detail why the latest deal for Crocs may seem good at first glance, but not when you drill it down. The devil is truly in the details.
Specifics of the deal:
An investment fund affiliated with Blackstone...
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