Footwear maker Crocs shares pounded after lower Q1 forecast, Quebec shop axed
[2008-4-16]
Footwear maker Crocs Inc. announced it will close its Quebec factory in July, putting 670 people out of work as the company moves production to Mexico.
Shares of the Colorado-based company were pounded in Tuesday trading after it lowered first-quarter forecasts, blaming fewer sales of its colourful, funky shoes and costs related to the shutdown of the plant.
On the New York Stock Exchange, Crocs stock fell $7.29, or 40.9 per cent, to US$10.50 in heavy Thursday trading. In the past 52 weeks, it has traded between $15.42 a share and $75.21 a share.
Although its Canadian manufacturing plant will close, Crocs will keep open its sales and marketing office and retail store in Quebec City. It will also open four additional Crocs branded stores this year.
The company said 262 people had already been laid off and the rest will lose their positions by the end of July.
The Teamsters union representing Quebec's Crocs workers was not ready to concede that closure of the plant is inevitable.
"We are meeting with factory management later today or in the next few days. Hopefully the government will help us as well," said Stephane Lacroix, director of communications for Teamsters.
Shares of the Colorado-based company were pounded in Tuesday trading after it lowered first-quarter forecasts, blaming fewer sales of its colourful, funky shoes and costs related to the shutdown of the plant.
On the New York Stock Exchange, Crocs stock fell $7.29, or 40.9 per cent, to US$10.50 in heavy Thursday trading. In the past 52 weeks, it has traded between $15.42 a share and $75.21 a share.
Although its Canadian manufacturing plant will close, Crocs will keep open its sales and marketing office and retail store in Quebec City. It will also open four additional Crocs branded stores this year.
The company said 262 people had already been laid off and the rest will lose their positions by the end of July.
The Teamsters union representing Quebec's Crocs workers was not ready to concede that closure of the plant is inevitable.
"We are meeting with factory management later today or in the next few days. Hopefully the government will help us as well," said Stephane Lacroix, director of communications for Teamsters.
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