Contact Information: For further information, please contact: Catie Briscoe Director PR Crabtree & Evelyn cbriscoe@crabtree-evelyn.com Tel: 1-860 928 2761 x3370
Crabtree & Evelyn, Ltd. Files for Chapter 11 Bankruptcy Protection
| Source: Crabtree & Evelyn, Ltd.
WOODSTOCK, CT--(Marketwire - July 1, 2009) - Crabtree & Evelyn, Ltd. (the "Company")
announced today that it filed a voluntary petition under Chapter 11 of the
U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern
District of New York. Other members of the Crabtree & Evelyn Group
(including affiliates in Canada, the European Union, Hong Kong, Malaysia,
Singapore and Australia) have not filed for protection.
The Company will pursue a plan of reorganization to capitalize on
opportunities for future growth and profitability, including evaluation of
its real estate portfolio, strengthening brand strategies and restructuring
of its financial obligations.
Day-to-day operations and business will continue to operate through the
Company's wholesale, e-commerce (www.crabtree-evelyn.com) and retail
channels. The Company also intends to honor customer gift cards, returns
and its loyalty program.
The Company has received a commitment for a debtor-in-possession financing
facility that is sufficient to support the Company during the chapter 11
process.
"The Crabtree & Evelyn brand remains strong," said Stephen Bestwick, acting
president of Crabtree & Evelyn, Ltd. "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." Mr. Bestwick continued, "We
look forward to continuing our relationships with customers and vendors to
help shape that growth."
Crabtree & Evelyn information/Website
A pioneer in botanical formulations for over 30 years, Crabtree & Evelyn
blends the very best of nature and science, tradition and innovation, to
create benefit-rich bath, body and home care. This heritage is reflected
in its name: Crabtree, from the crabapple tree, the original species from
which all cultivated apple trees have derived, and Evelyn from John Evelyn,
the 17th century renaissance Englishman, who wrote one of the first
important works on conservation.
The Company currently services approximately 3,000 wholesale accounts and
operates 125 retail stores and an e-commerce site at
www.crabtree-evelyn.com. Other distribution channels include hotel
amenities.
Crabtree & Evelyn is available online and in more than 40 countries, with
approximately 6,000 wholesale accounts and 500 retail locations worldwide.
For more information, please visit the Company website at
www.crabtree-evelyn.com. Parties may also obtain additional information by
visiting the website of the Company's claims agent, at
http://chapter11.epiqsystems.com/Crabtree.