(Bloomberg) -- Crocs Inc. Chief Executive Officer John McCarvel will retire and Blackstone Group LP will invest $200 million in convertible preferred stock as the maker of colorful plastic clogs struggles to regain lost popularity.

The shoemaker will use the funds to increase stock repurchases to $350 million, Niwot, Colorado-based Crocs said in a statement. McCarvel will step down on or about April 30.

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