Crocs closing all its factories

Crocs Are Shutting Down Their Manufacturing Plants And People Are Surprisingly Upset

Crocs to close manufacturing plants in Mexico, Italy

People who love the comfort and easy wear design of the Crocs are surely surprised to hear the news.

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. "Our future remains as bright, bold and colourful as ever".

The release also said the company's chief financial officer, Carrie Teffner, will resign. Teffner will be seeking to "pusue strategic board and advisory work", reports the Daily Mail.

Crocs has announced the closure of its last manufacturing facility.

. In short, the company will need to focus on online sales and its successful warm-weather shoes to stay afloat, Abel said.

CFO Carrie Teffner will resign from her position this month, effectively leaving the company as on 1 April 2019, and will be replaced by Anne Mehlman, now of Zappos.com (a shoe retailed owned by Amazon).

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Crocs reported strong sales in the second quarter results of 2018, with sales growing 4.7 percent year-on-year to $328 million.

The company is headquartered in Niwot, Colorado, thirty miles outside of Denver.

Crocs shares traded at $ 18.70 on Thursday, compared with $ 8.50 a year earlier.

Share prices more-than tripled between May last year and June this year, and while values have tapered off since, the company seems intent on chasing further growth.

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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