Here’s Why Crocs Is Closing 158 Stores
After announcing last revenue declines across multiple geographies as well as sluggish wholesale, retail and digital sales, the clog maker followed up with plans to shutter 158 doors.
“Over the past several months, as we continued to focus on removing unnecessary complexity from our business, we conducted a comprehensive review of our cost structure,” Crocs president Andrew Rees said during the firm’s conference call on March 1. “This led us to identify a series of actions to reduce our SG&A by $75 million to $85 million. The SG&A reductions fall into two main categories: 70 percent will come from planned store closure over the next two years; this will result in a net 25 percent reduction in our store count, bringing it down to approximately 400 stores by the end of 2018 from the 558 at the end of 2016.”
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