Crocs to outsource manufacturing of clogs, other footwear

NIWOT, Colorado (AP) – 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 on Tuesday while reporting a second-quarter profit of USD30.4 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 August 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 USD18.70 at mid-day on Thursday, compared to USD8.50 on August 9, 2017.

Summett Kumar, a Crocs ambassador, works at Crocs store inside the Beverly Center shopping mall in Los Angeles. – AP