Crabtree & Evelyn to Emerge from Bankruptcy
By Staff -- Gifts and Dec, 1/14/2010 12:33:00 PM
New York – Bankruptcy Judge Burton Lifland approved a reorganization plan from Crabtree & Evelyn Ltd. 
The personal care manufacturer and retailer expects to exit court protection by the end of January. According to Reuters, Lifland said it was rare to see a retailer reorganize on its own in the current economic climate. Under the plan, the company's creditors are receiving payment equal to 45 percent of their claims.
The company plans to expand its wholesale business and enhance its product assortment. During the bankruptcy the company cut its number of stores to 91 from 126 stores and launched a new e-commerce website.
Crabtree said in a statement that it expects to close on a $26.3 million exit financing facility from parent company Kuala Lumpur Kepong Berhad, which had also provided a $40 million debtor-in-possession financing facility to keep the company operating during bankruptcy.
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