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Crocs Looking to Private Equity for a Turnaround

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According to Bloomberg, Crocs, Inc. (NASDAQ:CROX) is reportedly in talks with the Blackstone Group L.P. (NYSE:BX) and other private firms in an effort to sell a minority share of the company. The funds from the sale would be used for a share buyback. In addition, Crocs would rely on the private equity minority shareholder for guidance on turning around the company. Shares of Crocs are trading 3 percent higher on the news development. The minority shareholder would also have influence over the selection of senior management.