Crabtree & Evelyn files for Chapter 11 protection, the latest retailer to fall in recession
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 U.S.