Crabtree & Evelyn, the national soap and lotion retailer, filed for Chapter 11 bankruptcy, according to reports on Wednesday.
Crabtree & Evelyn cited the financial recession, in addition to missteps by management as the two major factors for their corporate downturn.
According to a statement filed by Acting President Stephen Bestwick, the pressure of repaying debt forced the company to file for bankruptcy. 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 only includes operations within the
The 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 based in
It also sells Vera Bradley bags and wallets as well as LaSource, India Hicks Island Living and Naturals products.
Crabtree & Evelyn joins Steve & Barry's, Eddie Bauer, Filene's Basement, Linens 'N Things, Mervyn's and Circuit City Stores Inc. as retailers that have gone bankrupt due to the nation’s economic crisis.
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