Crocs to close manufacturing plants in Mexico, Italy

Crocs to close manufacturing plants in Mexico, Italy

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.

Trump OKs stiffer tariffs on Turkish metals as lira plummets
It followed a deepening rift with the United States, worries about its own economy and lack of action from policymakers. Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

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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