Crocs closes its last manufacturing facility

Crocs closes its last manufacturing facility

Plastic footwear manufacturer Crocs Inc is closing down its two remaining own manufacturing facilities in Mexico and Italy as part of its turnaround program that launched in 2014.

Its chief financial officer will also leave the company next year and 132 of its 530 stores will close as the company looks to increase its profit margin.

The move comes after Crocs closed 28 of its 558 worldwide stores.

Anne Mehlman, who now works at Amazon-owned shoe-seller, will take over from existing CFO Carrie Teffner.

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Despite the arguably unsightly design of the shoe, many have been expressing their upset over the news that the company's last factory will shortly be closing down.

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

Values appear to have dropped again since this spike, but it appears that Crocs is resolute in chasing further growth, with the company saying it expects a fiscal revenue of about $1.02 billion (£800 million) in 2018.

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.

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