Crocs to shut plant in Quebec

Crocs Inc., the maker of the colourful plastic clogs, has stumbled again after the company said it would miss its own sales and profit forecast this quarter and will shut a plant in Quebec to cut costs.
Shares in the U.S.-based company hit a new 52-week low yesterday, plunging 43 per cent to close at $10.11 US on the Nasdaq Stock Market.
The Quebec plant employs 670 people. Crocs said 262 people had already been laid off and the rest will lose their positions by the end of July.
Chief executive Ron Snyder blamed “the challenging retail environment” in the United States, but some analysts believe the fad that drove Crocs shares to a high of $74 six months ago may be over.