Published: Sat, August 11, 2018
Money | By Ralph Mccoy

Crocs shakeup includes closing some retail stores

Crocs shakeup includes closing some retail stores

The company says it has already closed its plant in Mexico and the last manufacturing plant in Italy will close soon.

The company told Footwearnews.com that they are simply moving their production to a third party, and will continue to sell their iconic shoes.

CFO Carrie Teffner will resign from her position this month, effectively leaving the company as on 1 April 2019, and will be replaced by Anne Mehlman, now of Zappos.com (a shoe retailed owned by Amazon). Teffner will be seeking to "pusue strategic board and advisory work", reports the Daily Mail.

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Crocs is also closing less productive retail stores as leases expire and focusing more on online sales.

The company, which launched in 2002, saw its share price half between 2014 and 2017, reaching a low of $5.94 - presumably as the public came to realise that plastic clogs aren't actually a good look.

Share prices more-than tripled between May last year and June this year, and while values have tapered off since, the company seems intent on chasing further growth.

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