Crocs’ Ceo Stepping Down

Crocs (Niwot, Colo.) announced its CEO Gregg Ribatt will step down June 1. The company’s current president, Andrew Rees, will assume the ceo role in addition to continuing as company president. Ribatt will continue to remain on the company’s board.

The company also said it will be closing more than 28 percent of its retail stores; it will close 160 of its 558 retail stores by the end of 2018.

Both announcements came after the company reported a fourth-quarter loss of $44.4 million. Revenues fell from $209 million last year to $187.4 million this quarter, reports Denver Business Journal.