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Crocs granted reprieve by bank

Footwear brand Crocs has been granted an extension for its credit facility by the Union Bank of California.

Crocs’ facility was due to expire tomorrow but the facility has been extended to September 30.

Last month, Crocs’ accountant cast doubts over the quirky footwear brands’ ability to continue as a going concern. Its rubber clogs were hugely popular a couple of years ago but sales have collapsed since as the unusual footwear went out of fashion.

Crocs president and chief executive John Duerden said: “We are pleased with this extension as it provides us the headroom necessary to complete our restructuring plans, realign our operations and refocus the Crocs brand.”

Crocs has $22.4 million (£15.6m) on borrowings under its revolving credit facility on December 31.

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