Bath and body soap marketer Crabtree & Evelyn Ltd. plans to emerge from bankruptcy by the end of this month.
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.”
Crabtree filed for Chapter 11 bankruptcy court protection last July. In court documents, the firm listed $46.2 million in assets and $47.8 million in liabilities.
Affiliates of the Crabtree & Evelyn Group, including those in Canada, Europe, Hong Kong, Malaysia, Singapore and Australia, did not file for bankruptcy court protection. The U.S operation of Crabtree is a subsidiary of U.K. investment holding company Crabtree & Evelyn Holdings Ltd., which owns Crabtree’s foreign trademarks and is not a party to the bankruptcy. The U.K.-based holding company is a subsidiary of CE Holdings, which itself is a subsidiary of KLK Overseas, a unit of the Malaysian parent.
In court papers, the retailer’s revenues were $107.5 million in 2008, down from $112 million in 2007. Operating losses were $8 million in 2008, which grew from a $3.2 million loss in 2007.
Founded in 1972, the company has more than 25 product lines, including LaSource, Gardeners, India Hicks Island Living and Naturals.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty