Natural skincare and cosmetics retailer The Body Shop is lining up administrators, with shop closures and job losses likely, according to reports.
Administrators at FRP Advisory are likely to be appointed as soon as this week to handle an insolvency process. Sky News was the first outlet to report on rumours that private equity investor Aurelius did not have enough working capital to continue trading in its current form.
The Body Shop has over 200 sites across the UK, with administrators likely to shutter a significant number.
Chris Brook-Carter, chief executive at the Retail Trust, said: “We’re very sorry to hear the news about the Body Shop and the impact this could have on the thousands of people who currently work there.
“This kind of uncertainty only adds to the pressure many people in retail are already facing, which is being borne out by the numbers of workers and retailers reaching out to the Retail Trust for help right now.
“In the last year alone, we’ve received more than 11,000 calls to our wellbeing helpline, given out more than £600,000 in financial aid and worked with more than 200 retailers to help improve the wellbeing of their staff, as retail workers everywhere continue to be impacted by everything from job losses and the high cost-of-living to increased levels of abuse from members of the public.
“We know there will be many people out there with worries and concerns so we’d encourage anyone who thinks we can help to get in touch with the Retail Trust on 0808 801 0808.”
Only last week it emerged that that Aurelius had sold parts of The Body Shop’s Europe and Asia business. It has also been reported that the former owner of the brand Natura & Co has approached Aurelius over £3mn of unpaid bonuses owed to former employees.
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