Crocs CEO to leave post, will shutter 160 stores

DENVER BUSINESS JOURNAL - Reporting another quarterly loss, Crocs Inc. also said its CEO will leave his post later this year and the shoemaker will close more than 28 percent of its retail stores.

Niwot-based Crocs (Nasdaq: CROX) said Gregg Ribatt will step down on June 1, to be replaced by Andrew Rees, who is currently president and will hold both president and CEO roles. Ribatt will remain on the company's board. In addition, Crocs said it will close about 160 of its 558 retail stores by the end of 2018, leaving it with about 400 stores.

Crocs reported a fourth-quarter loss of $44.4 million, or a loss of 60 cents per share, and revenues fell to $187.4 million from $209 million a year earlier.

For fiscal 2016, Crocs reported a $31.7 million loss, or a loss of 43 cents per share, and revenues fell to $1.04 billion from $1.09 billion in 2015.

The company also announced that certain key executives will take on bigger roles.

Read more at the Denver Business Journal: http://bit.ly/2lrxaqX

Copyright 2017 Denver Business Journal


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