Sad news for Crocs fans around the world
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.
Its chief financial officer will also leave the company next year and 132 of its 530 stores will close as the company looks increase its profit margin.
Anne Mehlman, who currently works at Amazon-owned shoe-seller Zappos.com, will take over from existing CFO Carrie Teffner.
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.
Andrew Rees, CEO and president, said: “Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.
“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.”
Production of the shoes will now be outsourced, but it not yet known where that production will take place.
The company announced that it is expecting a 2018 revenue of around $1.02 billion, slightly below analysts’ previous expectations of $1.05 billion.