Crocs to close all manufacturing facilities, CFO resigns

Posted at 10:06 AM, Aug 09, 2018
and last updated 2018-08-09 12:07:41-04
Colorado based Crocs has announced it is closing all of its manufacturing facilities.

NIWOT – Casual footwear brand, Crocs has announced it will close its remaining company-owned manufacturing facilities.

The Colorado based company also announced that its Chief Financial Officer resigned, according to reports on Crocs’ quarterly earnings released Tuesday.

The shoe manufacturer said it already closed its Mexico facility and will close its last facility in Italy in the near future.

In a presentation to investors, the company said future manufacturing will be outsourced.

Crocs said the move is part of the company’s efforts to “simplify the business and improve profitability.” Last year, the company announced it was closing more than 150 retail stores by the end of 2018. The reports released this week reaffirmed Crocs’ commitment to reduce the number of retail stores worldwide to less than 400.

In addition to the facility closures, Crocs announced Tuesday that its CFO, Carrie Teffner has resigned. Anne Mehlman will replace her, staring August 24th.

Despite the store closings in 2018, the company still reported that revenues this quarter grew versus the same quarter last year.