July 1 (Bloomberg) -- Crabtree & Evelyn Ltd., the maker of soaps, gifts and toiletries sold in 126 stores in 34 states, filed for bankruptcy protection in New York, citing a decline in consumer spending.
The company, based in Woodstock, Connecticut, reported $46.2 million in assets and $33.2 million in liabilities in today’s bankruptcy petition.
“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,” Stephen Bestwick, the retailer’s acting president, said in a statement.
Crabtree & Evelyn is wholly owned by Kuala Lumpur Kepong Bhd., a Malaysian company that also owns palm oil and rubber plantations. The company is Malaysia’s third-largest palm oil producer.
Retail sales accounted for 56 percent of the Crabtree & Evelyn’s $107.5 million in revenue in the fiscal year ended Sept. 30, 2008, it said in court papers. The company had operating losses in each of the past several years and projects it will lose $13.3 million this year, it said.
The company also sells products through 130 Crabtree & Evelyn stores operated by affiliates outside the U.S., through unaffiliated gift shops, and from its Internet site, it said in court papers. The company’s affiliates outside the U.S. didn’t file for protection, Crabtree & Evelyn said in the statement.
Crabtree & Evelyn employs 950, it said in the bankruptcy filing.
The case is In re Crabtree & Evelyn Ltd., 09-14267, U.S. Bankruptcy Court, District of New York (Manhattan).
To contact the reporter on this story: Bob Van Voris in New York at [email protected].作者: fibbi 時間: 2009-7-8 17:54
Oh no...I like their products...作者: jiujiujiu 時間: 2009-7-8 17:56
OMG~
I love their products..作者: ying2sheep 時間: 2009-7-9 13:04
will they still have product distributed through other channels beside retailer?作者: Littleprince 時間: 2009-7-9 13:15
oh... too bad... hope somebody will buy their business la...作者: B2L2 時間: 2009-7-9 13:23
The report above didn't say they are looking for a buyer wor. It just filed for bankruptcy protection in order to reconstruct the company.作者: Catpiano 時間: 2009-7-9 14:23
作者: Lil'B 時間: 2009-7-9 20:59
作者: daxtor 時間: 2009-7-9 22:06
One fewer shop to check out in the outlet...作者: Sakura 時間: 2009-7-9 23:13
I better restock before they close down~ lol~
I love Carbtree and Evelyn..>.<"
