Following the bankruptcy of its British branch, cosmetics retailer The Body Shop is now closing another 75 of its approximately 200 branches in the country. As a result, 489 employees would lose their jobs, administrators announced on Thursday.
Immediately after the bankruptcy, 7 branches were closed. It now said 116 stores remained open. The plan is to have a smaller store footprint with an emphasis on the brand’s products, online sales channels and wholesale strategies. This is intended to support the “return to financial stability”.
“By taking swift action to right-size The Body Shop UK store network, we have stabilized the business and are giving this iconic brand the best chance of a long-term sustainable future,” said administrator Tony Wright. The announcements therefore only concern the British division, which filed for bankruptcy more than two weeks ago. Shortly afterwards, the company also filed for bankruptcy for its branch in Germany.
The Body Shop is owned by the German investment company Aurelius. Founded in 1976 by Anita Roddick and her husband Gordon, the brand was one of the first companies to focus on ethically produced cosmetics and skin care products and avoid animal testing in the production of their products. (rbu/sda/awp/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
