Crocs shares rise on news of $200M investment

Shares of Crocs Inc. (Nasdaq: CROX) rose as much as 14 percent in early trading after an announcement that CEO John McCarvel will retire and Blackstone Group LP will invest $200 million in the struggling maker of colorful plastic clogs.

Crocs said in a statement yesterday, it will use the investment to increase share repurchases by $350 million, according to Bloomberg.

The company continues to try to revive its fortunes as consumers tire of its trademark clogs, knockoffs cut into sales and U.S. customer spending slumped.

The Blackstone investment comes after Crocs attempted to find a buyer for the company, Bloomberg reports.

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