The British arm of cosmetics giant The Body Shop will close 75 stores over the next six weeks, resulting in 489 job losses, according to insolvency administrators FRP Advisory, which is in charge of restructuring operations in the United Kingdom.
So, taking into account the 300 jobs that will be cut at the headquarters in London, around 800 people will lose their jobs. However, executives insisted that 116 companies would continue to operate as usual.
“By taking swift action to rescale The Body Shop's UK store portfolio, we have secured the business and give this iconic brand the best chance of a long-term sustainable future” said co-executive director Tony Wright.
Other markets
The body shop divisions in Belgium have 16 stores and 50 employees, and also declared bankruptcy in Denmark. In this regard, the Irish company is also expected to be liquidated next week, while the German division is already under insolvency administration.
At the time of acquisition by German venture capital firm Aurelius in November 2023, The Body Shop employed approximately seven thousand people in 89 markets, 900 directly operated stores and another 1,600 franchised stores.
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