The chain of cosmetics retail stores “Body Shop” will close another 75 stores in the UK within six weeks, 489 people will lose their jobs, the insolvency administrator “FRP Advisory” announced on Thursday.
“Body Shop” was placed into insolvency administration in the UK in mid-February.
FRP Advisory says the 75 stores will close over the next four to six weeks as the company restructures to keep the brand afloat.
Last week, the Body Shop already closed seven UK stores and confirmed plans to close almost half of its 198 stores in the country at the time.
“FRP Advisory” explains that closing the stores will help the company restore financial stability.
It was also announced last week that approximately 270 jobs will be eliminated at the Body Shop’s London head office.
German investment firm Aurelius bought the Body Shop alone last November, but the retailer has struggled amid difficult economic conditions.
The Brazilian company “Natura Cosmeticos”, which bought “Body Shop” from the French beauty products manufacturer “L’Oreal” in 2017, sold it to “Aurelius” for 207 million pounds sterling (242 million euros) at the end of last year.
2024-02-29 18:46:03
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