HMV owner Doug Putman is understood to have registered his interest in buying The Body Shop with the firm’s administrators.
The news comes as The Body Shop files for bankruptcy in the US and Canada, and struggles to pay its suppliers in Australia, as its most profitable overseas companies face cash shortages following the UK business collapse, according to The Guardian.
The US business has stopped trading at its 50 stores, and filed for Chapter 7 insolvency on Saturday, where its assets were offloaded to clear debts, putting roughly 400 jobs at risk.
The Telegraph reported that Putman has yet to table a formal offer for the collapsed cosmetics firm, however his interest will raise hopes that stores and jobs can be saved at The Body Shop.
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Administrator FRP has so far announced the closure of 82 shops since the chain collapsed last month, resulting in almost 500 job losses.
Canadian businessman Putman has made his mark in UK retail through his turnaround of HMV, which he rescued out of administration in 2019. He has since returned the chain to profit and has started opening new stores, including its Oxford Street flagship.
Putman, who was also in the running to buy Wilko last year, is understood to face stiff competition from previous The Body Shop owner, private equity firm Aurelius, which is thought to be the frontrunner to buy the chain, as it is one of the company’s top creditors.
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