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).
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