Crabtree to emerge from bankruptcy in the US by the end of the month
Following its bankruptcy announcement late last year, the US arm of Crabtree & Evelyn has said it anticipates it will emerge from bankruptcy by the end of January, following the US Bankruptcy Court's confirmation of the toiletry brand’s reorganisation plan.
Following its bankruptcy announcement late last year, the US arm of Crabtree & Evelyn has said it anticipates it will emerge from bankruptcy by the end of January, following the US Bankruptcy Court's confirmation of the toiletry brand’s reorganisation plan.
Crabtree expects to close on a $26.3m exit loan from parent company Kuala Lumpur Kepong Berhad, which will provide sufficient funds to make the payments stipulated in the reorganisation plan.
The brand has already downsized its retail locations by 35, focusing instead on the remaining 91 US locations. It has also launched a new e-commerce site, www.crabtree-evelyn.com.
“We are extremely excited about confirmation of the [reorganisation] plan and the fresh start we have received from our short stay in bankruptcy,” commented Stephen W Bestwick, acting president. “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.”