The Body Shop goes into administration placing 1000’s of jobs in danger
High Street big The Body Shop has fallen into administration placing its 200 shops and 1000’s of jobs in danger.
Administrators FRP Advisory introduced at the moment that every one choices are being thought-about to discover a method ahead for the enterprise. For now, The Body Shop will proceed to commerce as regular, that means clients can nonetheless use their reward playing cards.
The iconic retailer has confronted monetary difficulties beneath earlier house owners, alongside a troublesome buying and selling surroundings for the broader retail sector. Swift motion has been taken previously month, together with closing The Body Shop At Home and promoting its enterprise throughout most of Europe and elements of Asia.
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This information follows experiences final week that the excessive road chain was struggling after weaker than anticipated buying and selling over Christmas and January. It was additionally reported that The Body Shop had inadequate working capital.
The well-liked model was not too long ago snapped up by personal fairness investor Aurelius Group for £207million. The group, who additionally owns manufacturers like Footasylum, stated at the moment it’s going to work with the administration workforce to rev up “operational excellence” throughout the model and would “leverage its expertise and experience in the omnichannel retail and wholesale markets”.
When the agency was acquired The Body Shop boasted of almost 10,000 employees and had about 3,000 shops unfold throughout 70 nations.
The Body Shop began in Brighton again in 1976 and was based Dame Anita Roddick – a British environmental and human rights activist.
The chain prides itself as one of many first cosmetics manufacturers to ban animal testing, and likewise the pioneer to deliver Fair Trade into the wonder business highlight. In 2006, Roddick unexpectedly bought the Body Shop to beauty powerhouse L’Oreal.
Fast ahead to 2017, the corporate modified fingers once more, this time purchased by Brazilian cosmetics firm Natura and Co for a hefty £857million.
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