London
If nostalgia had a smell, it would probably be The Body Shop's Dewburry perfume - at least for people who experienced their teenage years in the 1980s and 1990s. Last week's announcement that the iconic brand was filing for bankruptcy caused an uproar in the United Kingdom, its original homeland.
Bought by the German investment fund Aurelius barely two months ago, The Body Shop will undergo a radical restructuring, under the aegis of FRP, a firm specializing in reorganizations.
Half of the brand's 198 UK stores will be closed, and its headquarters will see its footprint reduced by 40%.
Some 1,100 positions out of 2,200 will disappear.
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In January, Aurelius had already announced the sale of part of the European and Japanese divisions to Alma24, a London family office close to Aurelius.
The Body Shop's German branch was declared bankrupt last week, and its Belgian employees are preparing to suffer the same fate.
The French branch…
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