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Colorado-based Crocs Inc. announced this week that it’s planning a major reshuffling following a significant decline in second-quarter earnings.
Crocs, which is famous for its funky resin-molded shoes, said Monday that it would eliminate 183 jobs and would either close or restructure up to 100 company-owned stores. Most of the jobs were cut this week, the Denver Post reports.
The news comes as the company reported its second-quarter earnings only reached $41.9 million, which was down 17 percent compared to the same period a year earlier.
The Post reports Crocs Inc. could close between 70 and 100 stores or convert them into “non-company owned partner stores” that could help reduce overall expenses up to $25 million. Crocs says the plan is to move “away from direct investment in the retail and wholesale businesses in smaller markets.”
I profiled the often-maligned, Niwot-based company in 2008 as it struggled to redefine itself amid sluggish sales and an international patent dispute. Crocs stock, which was trading near $68 per share in late October 2007, dropped to $1.04 on November 21, 2008. Since then, the stock reached its peak of $31.33 in 2011 and currently trades between $14 and $16.