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Crocs cuts workforce as profits decline

Footwear brand and retailer Crocs is making 183 positions redundant out of its nearly 5,000-strong workforce, and plans to close up to 100 stores after reporting a decline in profits.

The news came as the business reported a 17% drop in operating income for the second quarter to June 30, falling to $41.9m (£24.5m), while revenue increased 3.6% to $376.9m (£220m).

According to The Denver Post, the footwear business made the majority of the job cuts on Monday (June 21), although the locations of the cuts and store closures were not revealed. The job cuts are thought to have mostly been across the US business.

Crocs president Andrew Rees said the earnings report showed “the need for dynamic change in our strategy, organization and approach to the market.”

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