Crocs to Close Remaining Manufacturing Facilities; Executive to Resign

  • Fashion
Crocs to Close Remaining Manufacturing Facilities; Executive to Resign

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

Crocs (CROX), based out of Niwot, Colorado, noted in a press release Tuesday that a facility in Mexico will shutter and there are plans to close one in Italy. The company said it plans to completely outsource production.

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.

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.

Source: CBS News