The Body Shop has officially entered administration today (Tuesday, February 13) with hundreds of stores and jobs now at risk.
FRP Advisory has been brought in to handle an insolvency process just weeks since the new owners took control of the cosmetics retailer.
In a statement, The Body Shop said: "Today, the Directors of The Body Shop International Limited have appointed Tony Wright, Geoff Rowley, and Alastair Massey of business advisory firm FRP as Joint Administrators of the company, which operates The Body Shop's UK business.
"Taking this approach provides the stability, flexibility and security to find the best means of securing the future of The Body Shop and revitalizing this iconic British brand.
Heartbroken at the demise of The Body Shop, for its body butters, make up range, ethical value system, solidarity with communities across the world who grow the ingredients. I have been shopping continuously at The Body Shop since the 1970’s. I am bereft😳. Thank you Anita… pic.twitter.com/ho1sS7ZJwc
— Adjoa Andoh (@andoh_adjoa) February 12, 2024
"The Joint Administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course."
According to the latest company accounts, The Body Shop had 2,568 staff in the UK of which 927 were in administrative roles and 1,641 were store staff in 2022, as reported by Sky News.
The retailer has around 200 stores located across the UK.
The Body Shop enters administration just weeks after new owners arrived
The Body Shop was acquired in November by private equity firm Aurelius in a deal it said was valued at £207m.
Aurelius agreed a deal late last month to sell the company’s operations in most of mainland Europe and in parts of Asia to an international family office in a “decisive step towards delivering a strong turnaround strategy” at The Body Shop.
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Although The Body Shop struggled with profitable growth for years, it remains a recognisable presence on British high streets.
It was founded in 1976 by Dame Anita Roddick and her husband Gordon, championing environmental causes and opposing animal testing.
It was owned by L'Oreal between 2006 and 2017 before being sold to Brazilian cosmetics group Natura.
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