Crabtree & Evelyn Files for Bankruptcy

July 2, 2009 06:56 PM | Comments (0) | Posted in weekly retail report, store closing, crabtree evelyn

What: Crabtree & Evelyn—the ubiquitous bath and beauty products store known for its yummy-smelling soaps and lotions—filed for Chapter 11 bankruptcy protection in New York this week due to a “decline in consumer spending.” Although company executives say day-to-day operation of the 126 Crabtree & Evelyn stores across 34 states is unlikely to be affected, they are planning to close some of their less-profitable outlets at some point in the future. 

What They Say: 
“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,” Stephen Bestwick, the Crabtree & Evelyn’s acting president.

What We Say: While the word bankruptcy can sound scary for any Crabtree addicts, it’s not necessary to start hoarding the company’s popular lotions and body butters anytime soon. Crabtree is just the latest in a string of companies filing for Chapter 11 bankruptcy as of late, and it’s unlikely your favorite hometown location will be shutting its doors anytime soon.