Crocs to receive $200 million from Blackstone, CEO to retire

Crocs Inc stated Blackstone Workforce LP is making a $200 million investment so that it will supply the personal fairness firm a thirteen percent stake in the shoe firm. In exchange for the $200 million, Blackstone will receive most popular stock that can convert to well-liked stock in three years if certain conditions are met. The preferred inventory can have a 6 p.c money dividend fee and is convertible into shares of fashionable inventory at a conversion price of $14.50 per share. The shoemaker additionally stated late on Sunday that the corporate's chief govt, John McCarvel, plans to retire in April and will also quit his seat on Crocs' board.