Crocs to close all North American stores through end of month

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NIWOT — Shoemaker Crocs Inc. (Nasdaq: CROX) has closed all of its stores in North America through March 27 to reduce the spread of the COVID-19 virus.

In a press release Tuesday morning, the Niwot company said it would continue paying store staff full wages and benefits, and will still process online orders. Corporate staff have been asked to work from home.

Crocs also said it has closed stores in Europe based on orders from local health officials.

“Health and safety are paramount to this and therefore remain a top priority for us for our customers, employees and communities,” CEO Andrew Rees said in a prepared statement. “We will continue to monitor the situation and adapt, as needed, to the ever-changing environment.”

The company said all of its stores in China have reopened, and its offices and stores in South Korea, Japan and Singapore have stayed open throughout the spread of the COVID-19 virus with more stringent cleaning procedures.

Crocs cut its quarterly sales expectations in Asia during its last quarterly conference from $50 billion to $30 billion due to slower sales outside of China, but still expects to see growth over time in the region.

Crocs’ stock price tumbled 13 percent to $14.42 per share over the course of trading Tuesday against the Dow Jones Industrial Average, which closed the day with a 5.2 percent gain.

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