Monday, September 24, 2018
Business

Crocs announces it will close last of its manufacturing facilities

Croc Inc. will be closing its remaining manufacturing facility and its chief financial officer will resign.

In a news release Tuesday, the company announced no immediate plan into how it will continue to manufacture its products.

In addition, executive vice president and CFO Carrie Teffner will step down in the coming weeks for another role in the company. She plans to leave Croc Inc. by April 1, 2019.

The release did not indicate a specific reason for Teffner’s departure.

Fans of those famous foam-clog shoes, however, have no reason to worry about the company folding anytime soon. It continues to show increased profits, the release shows.

The announcement of the manufacturing closures comes alongside the company’s second-quarter earnings report, which showed the company grew its earnings and revenue by 4.7 percent compared to last year.

Despite the increase in earnings, Croc Inc. said it plans to operate fewer stores.

RELATED: Two gifts on graduation day: white Crocs, and a lesson that ‘it can’t hurt to ask’

Croc Inc. currently operates 400 stores globally, according to the Denver Business Journal, but closed 23 retail locations in the last quarter.

The decrease in stores and manufacturing comes at a time where the Colorado-based company is enjoying growth in the stock market.

According to its report, Croc Inc.’s shares have climbed 43 percent since the beginning of the year, while the stock itself has more than doubled in the last 12 months.

The last operating Croc Inc. manufacturer is in Italy, according to the release.

"In connection with ongoing efforts to simplify the business and improve profitability, during the second quarter (of fiscal year 2018, which ended June 30), the company closed its manufacturing facility in Mexico and moved ahead with plans to close its last manufacturing facility, which is located in Italy," according to the release.

Teffner will be succeeded by Anne Mehlman, who comes from Amazon-owned online shoe retailer Zappos. Mehlman will begin on Aug. 24.

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