It also closed manufacturing facilities in Brazil and Canada last year. Crocs said it expects more operating losses for the quarter that ends March 31. It is working to get a new credit facility and is exploring options for raising capital. Crocs shares, which traded near $US70 last year, were down 27 cents on Wednesday, or 19%, to $1.14. "The bottom line is, it's a horrible time to be a premium product. People are looking to cut back on discretionary spending, and they view these shoes as something discretionary," Hughen said. [ more here ]