Money Crocs is closing all of its manufacturing facilities

03:30  10 august  2018
03:30  10 august  2018 Source:   cbsnews.com

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Crocs shoes announces its closing all of its manufacturing facilities to 'to improve profitability' Crocs says it will be closing its last two factories and outsourcing production Comes despite Crocs turning business around after years of declining growth

Crocs sparked a minor panic among fans of its colorful plastic clogs by announcing on Wednesday that the company is closing the last of its manufacturing facilities . But mule-lovers can rest easy -- the footwear maker isn't going of business.

Crocs said that it's closing all of its manufacturing facilities and announced that its chief financial officer will resign.

Crocs, based out of Niwot, Colo., noted in a press release Tuesday that a facility in Mexico will shutter and there are plans to close one in Italy. It's unclear what the future of production will be. 

The company said Carrie Teffner, executive vice president and chief financial officer, will leave Crocs effective April 1, 2019. Her successor will be Anne Mehlman, who comes from Amazon-owned online shoe retailer Zappos. Mehlman will begin her duties August 24, 2018.

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Crocs said it ' s closing all of its company-owned manufacturing facilities "in connection with ongoing efforts to simplify the business and improve profitability." In the latest quarter, Crocs said it closed 28 retail sales locations, leaving it with less than 400 around the world.

Crocs Inc. said that it ' s closing all of its manufacturing facilities , despite posting a second-quarter profit of .4 million that exceeded Wall Street expectations. The Niwot, Colorado-based footwear company also announced that its chief financial officer will resign.

Crocs became popular among hospital and restaurant workers and others toiling on their feet all day after its 2002 launch, with annual sales soaring past $100 million before a fall from favor and experiencing a mixed road business-wise ever since.

In July, the company debuted a high-heel version of its rubberized footwear at $50 a pair. It sparked a spirited conversation online.

Shares of the company have climbed 43 percent since the beginning of the year, while the stock itself has more than doubled in the last 12 months.

Crocs said it closed 28 retail sales locations in the latest quarter, Denver Business Journal writes, which leaves the company with less than 400 locations globally.

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