Crocs closing their factory in Brazil
Crocs Inc. announces restructuring plan together with their Q3 2008 financial results. The Q3 result showed a net loss of USD 148.0 million.
Ron Snyder, President and Chief Executive Officer of Crocs, Inc. affirmed: “The realignment of our business included, in part, asset impairment charges on certain machinery and tooling, efforts to consolidate our warehousing and distribution centers, writing down a portion of our inventory and the decision to close our manufacturing facility in Brazil during the fourth quarter”.
Crocs opened their factory in Sorocaba (SP) in July 2007. Out of 80 employees, only 25 will be offered alternative positions in the company.
The shutdown of Crocs factory in Brazil will not affect their Brazilian sales channels.