Crocs is closing all of its manufacturing facilities 'to improve profitability'

Crocs to close manufacturing plants in Mexico, Italy

Crocs to close manufacturing plants in Mexico, Italy

Sad news for Crocs fans around the world.

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Colorado-based footwear company Crocs Inc.is closing company-owned manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer.

After shutting down the final two manufacturing operations the shoe company will outsource to an undisclosed country.

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).

Crocs recently closed 28 retail sales locations, and there are now less than 400 locations globally.

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Crocs suffered years of steadily declining growth with share prices more than halving between 2014 and 2017, when they hit a low of $5.94 each.

Crocs shares were trading at $18.70 at mid-day Thursday, compared to $8.50 on August 9, 2017.

The company announced that it is expecting a 2018 revenue of around $1.02 billion, slightly below analysts' previous expectations of $1.05 billion.

'We expect double digit e-commerce growth and moderate wholesale growth to more than offset lower retail revenues due to operating fewer stores and business model changes'.

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