Crocs announced plans to close down about 25 percent of its 558 stores around the world in the next two years, while promoting Adam Michael to the position of senior vice president of global e-commerce. This and the changes outlined in the management section of this issue were announced while Crocs reported a loss of $44.4 million for the fourth quarter of 2016, which came in 9 percent lower than in the year-earlier period on an adjusted basis. Revenues declined by 10.2 percent to $187.4 million. Direct-to-consumer sales were off by 9.9 percent, with a drop of 7.7 percent on a comparable store basis. More in SGI Europe and Shoe Intelligence.
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