Crocs Investor SAC Discloses 5% StakeRenee Dudley
Crocs Inc., the shoemaker that disclosed a $200 million investment by Blackstone Group LP yesterday, got a 5 percent investment from billionaire Steven Cohen’s SAC Capital Advisors LP.
SAC, based in Stamford, Connecticut, reported the passive stake today in a filing with the U.S. Securities and Exchange Commission. Crocs rose the most in more than four years yesterday after saying Chief Executive Officer John McCarvel will retire and Blackstone will buy convertible preferred stock in the company.
Crocs, based in Niwot, Colorado, has been trying to revive its fortunes after consumers tired of its trademark clogs while knockoffs cut into sales and U.S. consumer spending slumped. The Blackstone stake came after Crocs attempted to find a buyer for the whole company, people familiar with the situation said in November.
Jonathan Gasthalter, a spokesman for SAC, declined to comment.
The shares fell 1.4 percent to $15.92 at the close in New York. Crocs gained 11 percent this year, compared with a 30 percent advance for the Standard & Poor’s 500 Index.