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Article: Fading elegance; Conn.-based Crabtree & Evelyn files Chap. 11.(MONEY)(Company overview)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- July 2, 2009
CopyrightCOPYRIGHT 2009 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WOODSTOCK - Soap and lotion seller Crabtree & Evelyn Ltd. says it filed for Chapter 11 protection 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.
The Woodstock-based company reported in a court ...