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

Crocs to close all its manufacturing facilities; CFO resigning

Crocs to close all its manufacturing facilities; CFO resigning

Footwear brand Crocs says it will close its last manufacturing facility, located overseas, but reassured customers that its signature shoe would remain in production.

Executive vice president Carrie Teffner is leaving the company by April, but is stepping down as chief financial officer on August 24.

The company has not said how it will continue to produce its products. She plans to leave Croc Inc.by April 1, 2019.

During our second quarter earnings announcement Tuesday, we shared that revenues and gross margin exceeded guidance, along with numerous other accomplishments that position our brand for success.

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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". "While accurate, some people have interpreted that to mean that Crocs will no longer be making and selling shoes".

"About 60 percent of Crocs' products are produced by two factories in China and Vietnam [that it does not own]", explained Susquehanna Financial LLLP analyst Sam Poser, who cited a U.S. Securities & Exchange Commission filing.

Croc Inc. now operates 400 stores globally, according to the Denver Business Journal, but closed 23 retail locations in the last quarter.

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