The Body Shop collapses into administration - putting thousands of jobs and 200 stores at risk
The Body Shop has gone into administration
PA
The Body Shop has confirmed it has appointed administrators, putting thousands of jobs at risk.
The cosmetics brand and retailer filed a notice to appoint administrators late on Monday.
The high street chain will continue to trade in stores and online during the administration process.
It has appointed insolvency experts from FRP Advisory to oversee the process.
The Body Shop has confirmed it has appointed administrators
PA
FRP said the administrators will “consider all options to find a way forward for the business”.
It follows years of financial challenges under previous owners and comes amid a difficult backdrop for shoppers.
The news comes just weeks after new owners, European private equity firm Aurelius, took control of the business.
The administrators said the move to place The Body Shop in administration "provides the stability, flexibility and security to find the best means of securing the future” of the retailer.
FRP said: “The joint administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course."
The administration process relates to the UK business only and doesn't impact the Global Head Franchise Partners.
FRP added: “The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector.
“Having taken swift action in the last month, including closing down The Body Shop At Home and selling its business across most of Europe and in parts of Asia, focusing on the UK business is the next important step in The Body Shop’s restructuring.
LATEST DEVELOPMENTS:
Anita Roddick and her husband Gordon founded The Body Shop in 1976
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Administrators said the retailer "remains guided by its ambition to be a modern, dynamic beauty brand, relevant to customers and able to compete for the long term".
They said creating a "more nimble and financially stable" UK business was an "important" step in achieving this.
The Body Shop was founded by the late Anita Roddick and her husband Gordon in 1976, focusing on ethically produced cosmetics and skincare products.
The Body Shop was one of the first cosmetics brands to ban the use of ingredients tested on animals in some of its products.