CROCS is closing all of its factories and a third of its shoe stores to “improve profitiblity”.
But will the company close, what is the share price, and how many shoe stores will be axed? Find out here…
Is Crocs closing down?
No – but the company is shutting manufacturing operations at its two remaining factories in Italy and Mexico and will outsource to an undisclosed country.
It comes after Crocs closed 28 of its stores worldwide – with plans to shut a further 132 later this year.
The shoes became a hit in the mid-noughties thanks to their comfort but they were seen as a crime against fashion to some trendy shoppers.
They have fallen out of favour in recent years, with the share price halving between 2014 and 2017.
What’s the company share price?
Crocs, Inc. is trading at $18.53 on the NASDAQ, a fall of 2.27 per cent overnight.
In recent years, the Crocs has fallen out of favour with shoppers and saw its share price halve between 2014 and 2017, reaching a low of $5.94.
Crocs has seen a stronger financial performance in intervening years on the back of successful innovations and an improved marketing strategy.
The company expects revenue to be just over $1bn for 2018, just below analysts expectations.
Will any UK shops close?
The company has said it will close less productive stores and start focussing on online retail.
However, it has not said which of the stores will be axed.
The company currently has 558 stores worldwide.