This is the story of an ugly, beloved shoe.

We ran an item in September on back-to-school gear, mainly targeting retailers of backpacks and book bags. In addition to the hottest (messenger bags) and the most colorful (Victoria Secret’s Pink line backpacks), we included some health and safety cautions.

Parents were being advised to watch size and weight distribution to avoid straining young backs and spines of students who carry book bags that are too heavy, or that weigh down only one imbalanced shoulder, regardless of “la moda.”

There were September footnotes on Crocs — the multi-colored clogs made of a special material that is pliable and bacteria-resistant. Crocs had become the rage among adults and kids since they debuted in 2002. School systems debated whether or not Crocs were safe for school footwear. Though Crocs offer better foot support than sneakers or sandals, students were advised to keep them off during activities (they fit loosely and come off); and everyone assumed Crocs would be tucked away for winter weather.

Just a month into the school year, Crocs cropped up again. Litigation-conscious school systems banned the comfort shoes as a safety hazard (tripping, toe injuries, escalator and stair trip-and-falls). Some public schools put colorful Croc clogs off the acceptable lists – along with wheeled roller sneakers, sandals and flip flops — as violating stricter dress codes that required closed heel and toe footwear. Schoolyard bans on beloved Crocs shoes spouted many tears in those first few weeks of the academic year; I saw the “Everybody wears them!” tantrums from my nieces.

Crocs roared back in investment news this past week: After tripling its stock price in 2007, investors drove down Croc stock 34%. Market watchers yelled “passing fad” and “past peak fashion.”

But it appears Crocs are biting back. (1) The stock drop may be a normal seasonal drop in what is considered summer footwear anyway. (2) Some retail fashion analysts said Crocs has developed its own category of footwear, outgrowing any charges of short-term fashion fad, and that the funny looking shoes are a victim of success. Worldwide demand for Crocs outstripped manufacturing supply (6.8 million pairs per month); but with the summer season demand over in the U.S., Crocs can build its inventory for the world market and for warm weather 2008.

(3) Then, there’s that Croc-wearing loyalty factor: Moms who think the school-wear bans on Crocs are “a crock” say they’re easy to clean and safe, if kids get the right size. Even those who claim Crocs are “funny looking” or “fashion challenged” admit that everyone loves their comfort clogs. School systems who banned Crocs from the Dress Code had to add: Teachers, too. One high school principal in Alabama helped with separation anxiety after a Crocs school ban by setting up a memorial celebration. That is footwear loyalty.