(Bloomberg) — Crocs Inc. will buy back and convert some of the preferred shares held by Blackstone Group LP in the latest sign that a multiyear turnaround effort has put more spring in the step of the maker of colorful, rubbery shoes. The footwear maker will pay $183.7 million for half the preferred stock Blackstone acquired as part of a $200 million investment in early 2014, Niwot, Colorado-based Crocs said in a statement Monday.

 

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