Everyone who prefers comfortable footwear that doesn’t make you look like a clown can breathe a sigh of relief, because Wall Street is finally coming to its senses about these ugly shoes.

Although there are plenty of good reasons not to think Crocs are a sensible choice for footwear, the company and it’s stock value kept outperforming market expectations over the past two years.

That came to an end this week when the company announced that due to a downturn in consumer spending, it would not meet earnings expectations for the quarter. Before the news broke, the company’s (ticker symbol: Crox) stock was worth around $17, and now today it sunk down to just above $10.

To make matters worse, the company cruelly closed a major factory in Quebec:

The footwear company told shift workers Wednesday night that production at the plant would end for good, effective immediately, and then sent them home.

The same scenario was repeated Thursday morning with workers who showed up for their assignments. They were asked to hand in security cards and gather personal belongings. In recent months, 262 workers at the plant have been laid off. The remaining 407 got their pink slips late on Monday.

Jeez, Crocs, you guys are a bunch of heartless bastards. Who would have thought that deep down inside those hideous colorful plastic clogs, there lurked such a callous captain of industry.

Let’s use this as a lesson for the future. When a ridiculous product’s stock impresses people for a little while and every tool around town is wearing them, don’t let it fool you into thinking ‘hey, maybe these are a good investment opportunity!’

CBC News: Crocs shoos Quebec City plant workers, April 17, 2008
Motley Fool: While My Crocs Gently Weeps, April 15, 2008