Crabtree & Evelyn files for bankruptcy, KLK so far unaffected

From Bloomberg:

Crabtree & Evelyn Ltd., the maker of soaps, gifts and toiletries sold in 126 stores in 34 states, filed for bankruptcy protection in New York, citing a decline in consumer spending.

The company, based in Woodstock, Connecticut, reported $46.2 million in assets and $33.2 million in liabilities in today’s bankruptcy petition.

“We are confident that Chapter 11 gives us the opportunity to restructure the company with a business model that will be sustainable for long-term growth,” Stephen Bestwick, the retailer’s acting president, said in a statement.

Crabtree & Evelyn is wholly owned by Kuala Lumpur Kepong Bhd., a Malaysian company that also owns palm oil and rubber plantations. The company is Malaysia’s third-largest palm oil producer.

KLK will likely take a hit on goodwill. Not sure exactly sure how much, but Crabtree & Evelyn were an acquired company. KLK currently carries goodwill of around 255 million RM from the 2008 annual report. Investors have seemed to shrug off the news, although the US filing hasn't shown up in the announcements at Bursa Malaysia yet.

Kuala Lumpur Kepong Bhd. Stock price