2024-02-21 10:07:54
The Body Shop, a well-known cosmetics company that filed for bankruptcy in the United Kingdom, announced that it will close about half of its 198 stores in the country, and will eliminate approximately 270 jobs at its headquarters, according to the consulting company FRB.
FRB, the judicial guardian of The Body Shop in Britain, announced that “seven stores will be closed today, and other store closures will follow.”
“Once the restructuring is complete, more than half of The Body Shop’s 198 stores in the United Kingdom will remain open,” FRB said in a statement, while “the number of employees at the headquarters is expected to decrease by approximately 40%.”
The company employs approximately 7,000 people worldwide, including 2,200 at its headquarters and in its stores in the United Kingdom. Although the number of employees who will be dismissed from the stores has not been determined, it is assumed that the store closures will result in the dismissal of additional numbers of people.
At the end of 2023, the Brazilian “Natura Cosmeticus” sold “The Body Shop” to “Aurelius” for about a quarter of a billion euros, which the Brazilian company paid when it bought the group in 2017 from the French “L’Oreal”.
FRB stated that the restructuring, which aims to “secure the future” of the company, includes “The Body Shop” in the United Kingdom only and not in the rest of its branches in the world.
She added, “After years of unprofitability and after a comprehensive evaluation of The Body Shop’s activities in the United Kingdom,” officials concluded that “the current composition of the store portfolio is no longer sustainable.”
She noted that the closures will be accompanied by “a renewed focus on the brand’s products, online sales channels and wholesale strategies, which will restore its position in the field and enhance its return to financial stability.”
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