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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.
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