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The Body Shop International Limited is set to close about 75 stores in the United Kingdom. The closures also mean the company will terminate hundreds of jobs.
The Body Shop will shutter the brick-and-mortar locations after slipping into administration. The administrators said the closures will start soon and will take place over the next six weeks.
Path to Revival of the Brand
The British cosmetics, skincare, and perfume company will have to let go of almost 500 employees after it fell into administration earlier this month. Administrators from the FRP Advisory, a leading national business advisory company in London, disclosed the discontinuation of half of The Body Shop’s branches in the United Kingdom. As of Feb. 20, seven were already shuttered.
According to National World, this will leave the brand with 116 outlets operating to serve customers. The advisory further said this is part of the brand’s heavy restructuring in a revival effort to save and help it return to financial stability.
“In taking swift action to right-size The Body Shop UK store portfolio, we have stabilized the business and are providing the best opportunity for this iconic brand to have a long-term, sustainable future,” Tony Wright, a veteran corporate restructuring advisor at FRP Advisory, said. “The UK business continues to trade in administration, and we remain fully focused on exploring all options to take the business forward.”
Denmark Business Operations
The Guardian reported that The Body Shop Denmark declared bankruptcy last month, while its unit in Belgium was also declared bankrupt. The company’s Irish operations are expected to be liquidated this month.
Finally, before the bankruptcies and closure of stores, The Body Shop had around 1,000 company-owned stores worldwide and 1,600 franchises. In Denmark, 15 locations were shuttered, and 90 employees were laid off.
Photo by: Tony Monblat/Flickr(CC BY-SA 2.0)
