Shares of Vans Inc. plunged 30% on Thursday amid mounting concern that Asia's financial crisis will hamper its sneaker sales in Japan much more than anticipated.
Santa Fe Springs-based Vans, which receives 15% of its $44 million in annual revenue from sales in Japan, saw its stock fall $3.72 a share on Nasdaq to close at $8.53.
The company was the third-largest percentage decliner in U.S. markets Thursday.
Several analysts who follow Vans, which makes sneakers for the young and hip, downgraded their "buy" recommendations on the stock to "long-term attractive" or "hold."
Though Vans said last month that its Japanese sales would be hurt by economic troubles, the firm had not expected a bankruptcy filing by Kuwada, the largest customer of Vans' Japanese distributor, International Trading, said Kyle Wescoat, Vans' chief financial officer.