The Body Shop, a company known for its animal-friendly cosmetics, is set to shut down nearly half of its 198 UK-based stores. This decision comes as part of a major restructuring plan for the company’s home market. As a result, approximately 270 jobs at the head office will also be eliminated.
Last week, The Body Shop officially declared bankruptcy in the UK. After the announcement, seven stores were immediately closed on Tuesday, including four in London, as confirmed by the appointed administrators.
The administrators from FRP Advisory stated that after years of incurring losses and after a comprehensive evaluation of the company’s operations in the UK, it was concluded that the existing store network is no longer financially sustainable.
British media reports suggest that nearly half of the company’s 198 stores in the UK will be closed, leading to hundreds of job losses. Approximately 1,600 employees work across these stores. However, FRP Advisory has forecasted that more than half of these stores will still be operational after the restructuring process.
Belgian Stores
Trade website Retail Detail suggests that the German fund Alma24 may be interested in acquiring the Body Shop’s stores in Belgium, Germany, Luxembourg, and Austria. However, no concrete information could be gathered from either the company or the court on Tuesday.
