Crocs’ CEO Steps Down, Firm Announces 160 Store Closings Over Next Two Years
Colorado’s colorful plastic clog maker just joined the throng of shuttering retailers.
Crocs Inc. announced plans to shutter 160 stores, nearly 30% of its total portfolio, over the next two years after reporting a 10% decline in sales during Q4, the Wall Street Journal reports. This will drop the retailer to about 400 stores, and while Crocs did not say whether there would be layoffs, the firm has cut jobs in the past after shuttering locations.
Following its disappointing quarter the shoemaker also announced that CEO Gregg Ribatt will be stepping down; he will remain on the company's board and will be succeeded by current president Andrew Rees as of June 1.