Crabtree & Evelyn files for Chapter 11 bankruptcy protection
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Crabtree & Evelyn Ltd., maker of soaps and other bath and body products, filed for Chapter 11 bankruptcy protection today.
The Woodstock, Conn., company, which operates 125 retail stores in the U.S., said day-to-day retail operations in its stores and on its website would continue as usual. It also said it was hoping to reevaluate its real estate portfolio, strengthen its brand strategies and restructure its debt.
The filing does not include the company’s international affiliates. Crabtree & Evelyn joins a growing list of retailers that have had to seek bankruptcy protection in recent months amid the economic downturn.
‘The Crabtree & Evelyn brand remains strong,’ said Stephen Bestwick, acting president of the company. ‘We are confident that Chapter 11 gives us the opportunity to restructure the company with a business model that will be sustainable for long-term growth.’
The privately held company reported in a court filing that it had debt totaling $10 million to $50 million and assets in the same range.
-- Andrea Chang