Crabtree & Evelyn to Emerge From Bankruptcy at End of Month
WWD reports
that Crabtree & Evelyn is about to exit bankruptcy proceedings and relaunch a streamlined version of its business.
The Woodstock, Conn.-based company set the timetable Thursday when a Manhattan bankruptcy court approved its first amended reorganization proposal. After coming out of bankruptcy, the company will close on a $26.3 million exit loan from its parent, Malaysian firm Kuala Lumpur Kepong Berhad.
As part of its restructuring, the retailer exited 35 retail sites, leaving 91 locations in operation. It also has a new e-commerce platform, crabtree-evelyn.com.
"The bankruptcy process has allowed us to focus on a smaller footprint of retail stores, making each one of them a distinctive experience for our customers," said Stephen W. Bestwick, acting president. "Crabtree & Evelyn's successful reorganization is a testament to our outstanding partnerships with our customers, employees, vendors and landlords, and we appreciate their hard work and dedication to the company throughout this process."
The ecommerce focus will be a large part of the plan to get Crabtree & Evelyn back on its feet. With the infusion of cash from its parent company, the company is ready to emerge from bankruptcy by the end of the month.
