When Crocs (NASDAQ: CROX) hit stores and the fashion scene in 2002, many were left scratching their heads. The plastic clog shoes were (and still are) hideous, and yet they were being snatched up from store shelves like crazy. Over the years, fans have touted the comfort of the clogs while the rest of the world just can't wait to be rid of eye sores. Well my friends, it looks as though the end might finally be here.

In 2007, Crocs boasted a profit of $168.2 million. But in just one year, the company found itself struggling with debt. It lost $185.1 million and cut 2,000 jobs, and its stock price dropped 76%.

Crocs now has until September to pay back the losses. But as consumers now show little interest in the $30 shoes, the company is left with a surplus. There is no demand for Crocs.

Speaking with the Washington Post, Damon Vickers, manager of an investment fund at Nine Points Capital Partners in Seattle, said:

"The company is toast. They're zombie-ish. They're dead and they don't know it."

Crocs reached its peak in 2006 after an IPO garnered them over $200 million, the largest stock offering ever for a shoe company. To meet growing demand, Crocs ramped up production. But when the recession hit, the company found themselves in a tough position. Because Crocs were made to last through repeated wearings, consumers found no reason to replace them.