Crocs has announced it is closing its remaining factories

Crocs has announced it is closing its remaining factories

The Daily Mail reports that along with the store and plant closures, the Crocs chief financial officer Carrie Teffner will be leaving the company next March, to be replaced by Anne Mehlman of Zappos.com, an Amazon-based shoe seller.

This follows news earlier in 2018 that Crocs planned to close 160 of its 558 stores worldwide by the end of the year, with 28 already closed.

Anne Mehlman, who now works at Amazon-owned shoe-seller Zappos.com, will take over from existing CFO Carrie Teffner.

Crocs suffered years of steadily declining growth with share prices more than halving between 2014 and 2017, when they hit a low of $5.94 each.

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The company has not said how it will continue to produce its products.

Shares of Crocs are up 44 percent for the year.

"We expect double-digit e-commerce growth and moderate wholesale growth to more than offset lower retail revenues due to operating fewer stores and business model changes".

According to the 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".

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