#TheBodyShop; #BODY, # SHOP, #US; #Canada
IBNS-CMEDIA: UK-based cosmetic brand The Body Shop, which recently filed for bankruptcy, will cease its operation in the US and will shut down several stores in Canada.
High inflation in recent years has hurt traditional retailers, particularly those like The Body Shop that predominantly operated out of malls and were aimed at the struggling middle class, reported CNN.
The UK-based cosmetic company recently posted in a news release: “The Body Shop Canada Limited (the ‘Company’ or ‘The Body Shop Canada’), the Canadian subsidiary of the global beauty brand with 105 stores across the country, announced today that it has commenced restructuring proceedings by filing a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada) (the ‘NOI’).”
“Following the commencement of administration proceedings in the United Kingdom by its parent company, The Body Shop Canada is commencing this NOI process to obtain a stay of proceedings to provide additional breathing room while it evaluates its strategic alternatives and implements certain restructuring initiatives,” the statement said.
All of The Body Shop Canada’s 105 store locations are currently open for business, however online sales via Canada’s ecommerce store will stop and certain stores noted below will close in the near term.
The company said following its immediate commencement of the liquidation sales 33 stores will be shut in Canada.
The Body Shop started its journey in 1976 in Brighton, England with the opening of the first store.
It was founded by late environmentalist and human rights activist Anita Roddick.
The Body Shop International Limited (The Body Shop) was known for its cruelty-free heritage and ethical beauty products.
It was acquired from Natura & Co. by AURELIUS GROUP in December 2023.
