Shares of Crocs (CROX) - Get Report were lower over 3% on heavy trading volume at midday on Wednesday, as the company announced restructuring initiatives.

Crocs has plans to close around 29% of its stores in the next two years and has named a new chief executive to lead the company through the transition as it tries to reinvigorate the business.

Crocs will shut 160 retail stores by the end of 2018, a move which will reduce store count to 400 from 558.

Furthermore, CEO Gregg Ribatt will step down from his position, he announced on Wednesday.

Ribatt will remain on the company's board of directors and Crocs President Andrew Ross will takeover as CEO on June 1.