Crocs to outsource manufacturing of clogs, other footwear

NIWOT, Colo. – 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 Tuesday while reporting a second-quarter profit of $30.4 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 Aug. 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 $18.70 at mid-day Thursday, compared to $8.50 on Aug. 9, 2017.