Crocs has announced it is closing its remaining factories
Crocs has announced it is closing its remaining factories
Crocs to close manufacturing plants in Mexico, Italy
13 August, 2018, 07:36
After having been at the vanguard of fashion for over a decade, Crocs has announced it will close its remaining production factories in Mexico and Italy.
In a statement, the company said it made the decision to "simplify its business and improve profitability".
This was a huge shock for the Croc lovers.
This news may prove to be a cause for concern for the comfortable clog shoe's many fans - although its design has also proved a source of contention, with the Independent calling it 'unquestionably one of the most hated shoes around the world'.
They further tweeted, Crocs stated: "Take comfort, #CrocNation".
Executive vice president Carrie Teffner will leave the company by next April, but is stepping down as CFO on August 24.
Teffner, who has been with the business for more than three years - two years and eight months of which as CFO - will depart the company on 1 April next year. Her successor will be Anne Mehlman, who comes from Amazon-owned online shoe retailer Zappos. The Daily Mail reported that the CFO Carrie Teffner will be seeking to "pusue strategic board and advisory work".
Production of the shoes will now be outsourced, but it not yet known where that production will take place.
At the moment, the company's headquarters is situated in Niwot, Colorado in the United States, which is near to Denver.
Crocs shares traded at $ 18.70 on Thursday, compared with $ 8.50 a year earlier.
The company has not said how it will continue to produce its products.
This growth was achieved despite the loss of about $22m due to operating fewer stores and business model changes.
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