9. Crocs
Crocs (NASDAQ: CROX), the company best known for making comfortable, rubber shoes (among other things), has decided it needs less physical locations. In its Q4 earnings release Crocs said it planned to close 160 retail stores by the end of 2018, leaving it with about 400 retail outlets. The move is part of an overall plan to cut spending.
“In order to accelerate improved profitability, we have identified $75 to $85 million of annualized SG&A reductions that we expect will generate an annual $30 to $35 million of improvement in earnings before interest and taxes by 2019,” said CEO Gregg Ribatt, who is stepping down, but will remain a board member. “Looking ahead, I am confident that these actions will pave the way for renewed growth and improved shareholder value.”
