claudiodivizia/iStock/Thinkstock(NEW YORK) — Crocs Inc. is expected to shut down more than a quarter of its retail locations by the end of 2018, the company announced Wednesday.
In a release detailing its fourth quarter and fiscal year 2016 performance, the company reported $187.4 million in revenues for the fourth quarter. That figure was down from $208.7 million during the same period the year before.
The company also reported a net loss of $44.5 million.
In the release, Crocs says it will continue to “identify opportunities to improve the efficiency and effectiveness of its operations.” The company expects to reduce expenses by $75- to $85 million and close 158 retail stores. Currently, Crocs has 558 retail locations, with the plan to reach 400 by the end of 2018.
The company did not state how many employees would be impacted by the store closings.
Crocs also announced that CEO Gregg Ribatt will step down as of June 1. He will remain on the company’s Board of Directors, but will be replaced as CEO by current President Andrew Rees.
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