The body and home care retailer has filed for Chapter 11.
Press Release Service- Wired PR News – Body and home care retailer Crabtree and Evelyn Ltd. has announced its filing for Chapter 11 bankruptcy protection. As reported by the Associated Press (AP), the company was forced into filing due to mounting debt and mismanagement.
Crabtree and Evelyn, based in Woodstock, Connecticut, reportedly owes $46.2 million in debt, but its assets were said to be valued at $31.7 million as of March 31. The bankruptcy filing is said to only pertain to the company’s operations within the United States.
As noted by the AP, the company opened its first retail store under the Crabtree and Evelyn moniker in 1977. Crabtree and Evelyn Holdings Ltd., its parent company, is a holding company based in London. Crabtree & Evelyn now joins other well known retailers including Circuit City and Eddie Bauer, who have resorted to filing for bankruptcy due to the economic downturn.
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