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Crocs shutters factories, but assures fans the comfy clogs aren't disappearing

NIWOT, Colorado (KETK) - Are Crocs becoming an endangered species?

The Colorado-based maker of the comfy foam-clog shoes announced in a press release Tuesday that it is closing its manufacturing plant in Mexico and continuing with plans to shutter its remaining factory in Italy.

The company said it was closing the facilities "in connection with ongoing efforts to simplify the business and improve profitability."

In addition, the release announced that Carrie Teffner, Executive Vice President and Chief Financial Officer, will be stepping down from her position effective April 1, 2019.

She'll be succeeded as CFO by Anne Mehlman, a former vice president of corporate finance for the shoemaker and the current CFO of Zappos.

In the same release, though, the company announced it grew its earnings and revenue by 4.7 percent compared to last year.

It said it expects revenues to increase low single digits over 2017 revenues of $1,023.5 million and expects "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."

The company did not offer explanations as to how it would continue to manufacture shoes, sending fans into a Twitter frenzy. The company assured customers that it was not going out of business.

 

 


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