Tags: crocs | closing | stores | plants

Crocs Closing Some Plants, Stores, Replacing CFO: Announcement

Crocs Closing Some Plants, Stores, Replacing CFO: Announcement
A sample of Crocs shoes on display in a midtown New York City shoe store. (Timothy A. Clary/AFP/Getty Images)

Thursday, 09 August 2018 05:27 PM

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

The company announced the outsourcing of additional manufacturing and the closure of a distribution facility in Mexico while reporting a second-quarter profit of $30.4 million, or 35 cents per share, The Associated Press reported.

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

Executive vice president Carrie Teffner will leave the company by next April, but is stepping down as CFO on Aug. 24.

Anne Mehlman, a former vice president of corporate finance for Crocs and current CFO of Zappos, will take over as CFO.

Crocs shares were trading at $18.70 at midday Thursday, compared to $8.50 on Aug. 9, 2017.

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Crocs is closing company-owned manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer, the Colorado-based footwear company said Tuesday.
crocs, closing, stores, plants
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2018-27-09
Thursday, 09 August 2018 05:27 PM
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