Crocs changes CEO and will close shops after 2016 - footwearbiz: Lead

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Crocs changes CEO and will close shops after 2016 loss

08/03/2017
Leisure footwear brand Crocs has said it will close around 160 of its retail stores between now and the end of 2018. The announcement came at the start of March when the company published its full-year figures for 2016.

For last year, Crocs announced revenues of just over $1 billion, a decline of 5% compared to the previous year. It registered a loss for the year of $16.5 million; in 2015 the loss was more than $70 million. The store-closure programme is aimed at helping the company return to profit.

It also announced that chief executive, Gregg Ribatt, will leave the post (although he will remain on the board) and will be replaced by Andrew Rees.

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