Published: Mon, August 13, 2018
Economy | By

Crocs shutting down its remaining manufacturing facilities

Crocs shutting down its remaining manufacturing facilities

This week the Niwot, Colo. -based company announced it was closing its two remaining manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer. This is said to be happening in a bid to maximize their profit in the business.

Announcement of her move comes after Crocs closed 28 of its 558 worldwide stores.

This was a huge shock for the Croc lovers. However, Crocs has assured its fans that this isn't the end of their favourite holey footwear.

The comfortable foam clog shoe has been a source of contention ever since it was first launched 16 years ago, as it is unquestionably one of the most hated shoes around the world.

The Croc shoe twitter also had the humbleness to respond to their anxious fans.

They further tweeted, Crocs stated: "Take comfort, #CrocNation".

Teffner is resigning her position this month and will leave the company effective April 1, 2019 "to pursue strategic board and advisory work".

She will be replaced by Anne Mehlman, who now works at shoe-seller "When these closures are complete, we will outsource our entire production to third-party manufacturers".

And now it appears they have fallen out of favour even more in recent years, with the share price halving between 2014 and 2017. It fell to $5.94 which is the lowest they have gone yet.

Andrew Rees, CEO and president, said: 'Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.

This growth was achieved despite the loss of about $22m due to operating fewer stores and business model changes.

Like this: