Love them, or hate them, it appears Crocs are going nowhere. After announcing last week that the last of their manufacturing facilities, located in Italy, is going to close, many assumed that the company would cease trading altogether.
However, Crocs has assured its fans that this isn’t the end of their favorite holey footwear. Despite the rumors circulating that the entire organization would be folding, Crocs has informed the internet that this isn’t the case.
FALSE ALARM: We aren’t going anywhere 😎
— Crocs Shoes (@Crocs) August 8, 2018
According to a statement in regard to the company’s revenue in the second quarter of 2018, Crocs will be closing its last manufacturing facility in order to “simplify the business and improve profitability.” It also closed its plant in Mexico. Crocs leaders did not give information on how it will continue producing its products during its second-quarter earnings report this week.
The cost of closing the manufacturing facilities in 2018 is $14 million. The company grew its second-quarter earnings and revenue by 4.7 percent year-over-year, but Crocs Inc. is operating fewer stores. Crocs Inc.’s chief financial officer, Carrie Teffner, plans to resign from the company effective April 1, 2019. Anne Mehlman will take her place.