The Body Shop to close seven stores immediately
It means that the whole business and its assets are up for sale.Aurelius, the investment firm which took control of it only weeks before administrators were called in, is also among the possible bidders.
"Despite the engagement of various parties, it has not been possible to reach the necessary agreements for a CVA to be launched. In many cases retailers are shutting stores because they are no longer the money makers they once were because of the rise of online shopping. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better performing retail parks instead.
They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.But the move to sell the business to L'Oreal in 2006 has been seen by some as a key moment when its fortunes started to turn.He previously said that under L’Oreal’s ownership the move of manufacturing to the Philippines allowed for better profit margins, but at a price.
Following this, the Body Shop went on to become a global retail business serving over 30 million customers worldwide.
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