Crabtree & Evelyn files for bankruptcy protection in the US
 
Thu, 2nd July 2009
 
 

Crabtree & Evelyn files for bankruptcy protection in the US

2 July, 2009 | By Tim Danaher

The US arm of Crabtree & Evelyn has filed for Chapter 11 bankruptcy protection.

The health and beauty retailer's American business operates 126 stores in 34 states. It expects its sales to fall by a quarter this year and to lose .3m on sales of 0m, and intends to use the Chapter 11 protection to close some stores and renegotiate leases on others.

In a court filing, the company blamed not only the bad economic situation in the US, but also management changes and a "disconnect" between management pay and performance.

The company, which is backed by investors from Kuala Lumpur, stressed that its UK business remains unaffected by the problems in the US.

 
 
category Retail  |  source Retail Week News
 
   
 
 
 
 
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