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The Body Shop plans to shut down almost half of its 198 stores in the UK due to financial struggles, as announced after entering administration last week.
The cosmetic company plans to eliminate approximately 270 corporate positions as a part of a significant reorganization.
On Tuesday, it was revealed that half of The Body Shop’s locations would permanently close, with seven, including four in London, closing immediately.
Last week, the FRP administrators stated that The Body Shop is committed to being a contemporary and vibrant beauty brand that meets the needs of its customers and can thrive in the long run. Improving the agility and financial stability of the UK business is a crucial part of this goal.
The Body Shop has experienced a prolonged period of financial difficulties during previous ownership, which has occurred at the same time as a challenging market for the retail industry as a whole.
The Body Shop
In 1976, Anita Roddick and her husband Gordon established the retailer, which was an early advocate for ethical consumerism. They prioritized offering ethically made cosmetics and skincare products.
Just a few weeks after being acquired by European private equity firm Aurelius, The Body Shop is already making headlines. In November, Aurelius bought the company from Brazilian cosmetics giant Natura &Co for £207m. Known for its expertise in reviving struggling companies, Aurelius is now in control of The Body Shop’s future.
The official date of taking control of operations was 1 January.
At the time of the acquisition, the company had a global workforce of approximately 10,000 employees.
In late August, Aurelius made a deal to sell the majority of their operations in mainland Europe and certain areas in Asia to an international family office. This was seen as a significant move in implementing a successful turnaround plan for The Body Shop.
The following is a comprehensive list of stores that will be closing without delay:
- Surrey Quays, London
- Oxford Street, London
- Canary Wharf, London
- Cheapside, London
- Nuneaton,
-
The center of Ashford town in the county of Kent.
- Queens Road, Bristol
Source: independent.co.uk
