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Body Shop collapses into administration
(Sharecast News) - The Body Shop's UK business collapsed into administration on Tuesday, putting as many as 2,000 jobs at risk. The administration is being handled by restructuring firm FRP, which said it would consider all options to find a way forward for the business.
Body Shop stores will stay open, along with the online business, while administrators attempt a restructure.
The retailer said in a statement: "The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector.
"Having taken swift action in the last month, including closing down The Body Shop At Home and selling its business across most of Europe and in parts of Asia, focusing on the UK business is the next important step in The Body Shop's restructuring."
The Body Shop was founded by the late Dame Anita Roddick, who opened her first shop in Brighton in 1976. Big in the 1980s and 1990s, the cosmetics retailer - famous for its 'White Musk' scent - pioneered animal-friendly product testing.
The Body Shop has around 200 outlets across the UK, and according to Sky News, it's understood up to 100 of them could be closed to bring the number of shops in line with competitors such as Lush, which trades from 104 premises in the UK and Ireland.
The retailer was bought by private equity firm Aurelius last November in a £207m deal.
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