Crabtree & Evelyn, Ltd has filed for bankruptcy under under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
The company listed assets and liabilities as between $10 million and $50 million, according to the petition.
Other members of the Crabtree & Evelyn Group (including affiliates in Canada, the European Union, Hong Kong, Malaysia, Singapore and Australia) have not filed for protection.
The company, which sells toiletries, will pursue a plan of reorganization to capitalize on opportunities for future growth and profitability, including evaluation of its real estate portfolio, strengthening brand strategies and restructuring of its financial obligations.
Day-to-day operations and business will continue to operate through the Company’s wholesale, e-commerce (www.crabtree-evelyn.com) and retail channels. The company also intends to honor customer gift cards, returns and its loyalty program.
“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,” says Stephen Bestwick, acting president or the company.
