Crabtree & Evelyn files for Chapter 11 protection
Soap and lotion seller Crabtree & Evelyn Ltd. says it filed for Chapter 11 protection on Wednesday, a victim of the recession and management missteps.
The pressure of repaying debt forced the company to file for bankruptcy, acting president Stephen Bestwick said in a court filing. He said management changes had resulted in several shifts in strategy, hurting its wholesale business.
The company plans to use the court's protection to renegotiate leases with reluctant landlords in its effort to restructure and emerge from bankruptcy. The filing does not include operations outside the United States.
The Woodstock, Conn.-based company reported in a court filing that it owed $46.2 million in debt and had $31.7 million in assets as of March 31. The privately held company runs 126 retail stores that sell bathroom products and gift basket items at Copley Place in Boston, Watertower Place in Chicago, The Mall at Short Hills in New Jersey, Embarcadero Center in San Francisco and Century City Mall in Los Angeles, among others.
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