Crocs, the successful but much-derided footwear manufacturer, says it will shut down its two remaining factories to focus on "improving profitability."
The company said it will be closing manufacturing operations in Italy and Mexcio and will outsource production to an as yet undisclosed country, a statement said.
The announcement comes as shuttered 28 of its stores worldwide – with plans to close a further 132 stores later this year. The company currently has 558 stores worldwide.
It was also said that current CFO, Carrie Teffner, will be leaving the business in March of this year and will be replaced by Anne Mehlman, the finance chief of Zappos.
The company – headquartered in Niwot, Colorado nearly 30 miles outside of Denver – focuses on its signature breathable plastic foam "clogs" and became a hit in the mid noughties.
In recent years, the Crocs has fallen out of favour with shoppers and saw its share price halve between 2014 and 2017, reaching a low of $5.94.
Crocs has seen a stronger financial performance in intervening years on the back of successful innovations and an improved marketing strategy.
The company expects revenue to be just over $1bn for 2018, just below analysts expectations.
Andrew Rees, CEO and president, said: "Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.
"We expect double digit e-commerce growth and moderate wholesale growth to more than offset lower retail revenues due to operating fewer stores and business model changes."
In July of this year the company introduced high-heeled version of its popular shoe – much to the horror of some fashion-conscious critics.
Retailing at £39.99 on Amazon, the rubber slip-ons have a 1.75 inch heel with an elastic on the side to make them even more comfortable.
The show is now sold out but will be available in August on Amazon.
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