The Body Shop has filed a notice to appoint administrators in a move that will likely to lead to job losses and store closures.
The cosmetics company has issued a court notice that seeks protection from creditors as it lines up business advisory firm FRP Advisory to manage a restructuring of the retailer.
Private equity firm Aurelius purchased The Body Shop from Brazilian giant Natura in November for £207m. The firm unveiled plans to sell parts of the beauty brand’s Europe and Asia business in January.
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One private equity source claimed The Body Shop’s brand was likely to survive and that there could be suitable buyers for some of its British shops, according to The Times.
A spokesman for the retailer said: “The previously announced sale of most of The Body Shop’s business in mainland Europe and in parts of Asia resulted in no proceeds to the business due to their lossmaking nature and poor performance.”
The Body Shop employs more than 2,000 people in the UK, and has more than 200 UK and Ireland shops
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