The Body Shop’s German arm has filed for bankruptcy at the Düsseldorf District Court, following the brand lining up administrators for its UK business.
The company’s German operation, The Body Shop Germany GmbH, employs over 350 staff members and runs 66 branches across the country/
The Düsseldorf lawyer Dr. Biner Bähr was appointed as the provisional insolvency administrator, German newspaper Bild reported.
The Body Shop’s owner Aurelius called in administrators for the retailer’s UK operations on Tuesday, just weeks after snapping up the business.
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Administrator FRP said the move would “accelerate restructuring” of the retailer, which covers around 200 stores across the UK, providing it with “the stability, flexibility and security to find the best means” of securing its future.
The Times later revealed that Aurelius was first in line for a payout following the move, despite previously pledging to “drive operational improvements and re-energise” the company.
The investment companys solidified its position as the brand’s top creditor before appointing FRP.
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