Crocs to close 160 stores by 2018

London - In spite of certain designers efforts to breath new life into Crocs (looking at you Christopher Kane), the US footwear brand has struggled against declining sales and is set to close up to 160 stores.

Crocs recently posted a decrease in revenue for the second year in a row for its fiscal year 2016. Revenue for the footwear company dropped 4.7 percent to close to 990 million euros (1.036 billion dollars) in FY16 compared to the same period a year ago. In addition Crocs also reported losses of close to 30 million euros (31.7 million dollars).

In order to cut back on its losses, Crocs has announced a series of stores closures to help improve the "the efficiency and effectiveness of its operations." Crocs is set to reexamine its current retail network for 2017 and aims to cut operating costs and streamline its store portfolio. The footwear company expects to have shut at least 160 stores by 2018, reducing its total store count from 558 to 400 as part of its annualized SG&A reductions. The exact store locations to be shuttered has yet to be announced.

"Looking ahead, I am confident that these actions will pave the way for renewed growth and improved shareholder value," commented Gregg Ribatt, Chief Executive Officer in a statement.

Photo: Crocs, Facebook