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Crocs to Close Plants and Outsource Manufacturing

Saturday Aug 11, 2018

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.

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

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 mid-day Thursday, compared to $8.50 on Aug. 9, 2017.

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