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Crabtree & Evelyn Files Chapter 11 Bankruptcy
July 02, 2009
Crabtree & Evelyn Ltd., owned by Ipoh, Malaysia-based Kuala Lumpur Kepong Berhad, has filed for Chapter 11 bankruptcy protection and is planning to shut down some of its unprofitable stores, reports The Wall Street Journal. Due to a slump in consumer spending, the company’s sales have plummeted over the past nine to 10 months, and Crabtree & Evelyn predicts a 30 percent decline in sales this year. The drop in profits was induced by management changes that hampered operations, the company said. According to Stephen W. Bestwick, president of Crabtree & Evelyn, the company plans to make organizational improvements during its bankruptcy. It also hopes to negotiate with landlords for better lease terms and to shutter underperforming stores in order to reduce costs. Crabtree & Evelyn currently operates 126 stores in the United States.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone.Click here for a video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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