As of: February 12, 2024, 10:52 a.m
By: Amy Walker
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The well-known cosmetics store The Body Shop could soon file for bankruptcy © epa Kiyoshi Ota/dpa
Cosmetics giant The Body Shop is on the verge of filing for bankruptcy, according to multiple reports.
Closings and the sale of branches are imminent.
London – According to several British media reports, the British cosmetics chain The Body Shop is on the verge of filing for bankruptcy in Great Britain.
The company is preparing to appoint an expert to lead a restructuring.
Sky News
first reported on Sunday (February 11)
.
The Body Shop has around 200 stores in the UK.
But The Body Shop is also represented in Germany.
The broadcaster emphasized that businesses in other countries would not be affected.
But according to previous reports, The Body Shop is planning to sell its business in Europe and Asia.
This was reported by the specialist portal
Retail Week.
An agreement is said to have already been signed, which is said to have sealed the future of the international stores.
It is unclear what this will mean for employees in Europe.
200 The Body Shop branches affected by bankruptcy
The cosmetics chain was founded in Brighton, England, in 1976.
It sold “ethically sourced and nature-based ingredients from around the world, in packaging that was no-frills and easy to refill.”
In 2006 the chain was taken over by the French company L'Oréal.
In 2017, the company went to the Brazilian competitor Natura Cosméticos, and then to the German investment fund Aurelius in 2023.
The Body Shop is currently present in 89 markets and employs around 7,000 people.
Headquarters are London.
According to The Guardian,
business did
not pick up as hoped over Christmas, which is why bankruptcy is now inevitable.
According to Sky News,
an insolvency administrator will be appointed this week.
The approximately 200 branches in Great Britain are therefore facing closure.
The entire retail industry is currently under great pressure.
Consumption is suffering, especially in the fashion world, and many people have started saving due to inflation.
This has an impact on the economy - one bankruptcy after another follows.
With material from AFP