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Crocs closing all manufacturing facilities, announces CFO's resignation

Crocs closing all manufacturing facilities, announces CFO's resignation
Posted at 4:37 PM, Aug 08, 2018
and last updated 2018-08-09 09:59:45-04

NIWOT, Colorado — The last of Crocs Inc.'s manufacturing facilities, located in Italy, is going to close, the company announced.

It also closed its plant in Mexico. Crocs leaders did not give information on how it will continue producing its products during its second-quarter earnings report this week.

The company grew its second-quarter earnings and revenue by 4.7 percent year-over-year. But Crocs Inc. is operating fewer stores.

The company has not said if it plans to shutter more stores in the U.S. It expects revenue to increase, in the single digits, by the year's end. 

The cost of closing the manufacturing facilities in 2018 is $14 million, the Daily Camera reports.

Crocs Inc.'s chief financial officer, Carrie Teffner, plans to resign from the company effective April 1, 2019. Anne Mehlman will take her place.