Crocs to close manufacturing plants in Mexico, Italy

Crocs is also closing less productive retail stores as leases expire and focusing more on online sales

The shoe brand said it will be shutting down a factory in Mexico and another in Italy as it outsources production in the hunt for greater profits. However, Crocs has assured its fans that this isn't the end of their favourite holey footwear.

Crocs has announced that it is selling off its last two factories and that its chief financial officer will be leaving next year. Her successor will be Anne Mehlman, who comes from Amazon-owned online shoe retailer Zappos.

In an August 8 investors presentation, the Niwot, Colo. -based company said it would outsource all production and close down 160 stores to bring the total number of outlets to 400.

Crocs share prices declined to more than half their previous value between 2014 and 2017, falling to $5.94 each at their lowest.

All 5 gates of Idukki Dam opened as Kerala battles unending rains
More than 10,000 people have been shifted to 157 relief camps across the state in the last two days, the government said . All passenger trains on the Kanjikode-Walayar stretch in the Palakkad-Podanur section were disrupted because of the rain.

Shares of Crocs are up 44 percent for the year.

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".

The growth was achieved despite a $22 million loss due to operating fewer stores and business model changes.

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