Crocs to Outsource Manufacturing of Certain Shoes, CFO to Step Down

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CHICAGO – JULY 23: Crocs footwear is displayed in one of the company’s retail stores July 23, 2009 in Chicago, Illinois. The struggling shoe manufacturer went public in 2006 and has since seen its stock price plummet from more than $70 a share to about $3 a share. (Photo by Scott Olson/Getty Images)

NIWOT, Colo. (AP) – 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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