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Crocs Shutters Plants, Ousts CFO

The Colorado company will outsource manufacturing that is being done at its Italy and Mexico plants.

In this April 9, 2010, file photo, Summett Kumar, a Crocs ambassador, works at Crocs store inside the Beverly Center shopping mall in Los Angeles. 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, Aug. 7, 2018, while reporting a second-quarter profit of $30.4 million, or 35 cents per share.
In this April 9, 2010, file photo, Summett Kumar, a Crocs ambassador, works at Crocs store inside the Beverly Center shopping mall in Los Angeles. 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, Aug. 7, 2018, while reporting a second-quarter profit of $30.4 million, or 35 cents per share.
AP Photo/Damian Dovarganes, File

NIWOT, Colo. (AP) β€” 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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