As of: February 15, 2024, 2:40 p.m
By: Amy Walker
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After the British brand, the German stores of the cosmetics giant The Body Shop have now also filed for bankruptcy.
350 people are affected.
Berlin - A few days after the cosmetics chain The Body Shop filed for bankruptcy in Great Britain, the brand's German sales and licensing company also filed for bankruptcy.
This was reported by
Wirtschaftswoche
on Thursday .
The Düsseldorf District Court appointed Biner Bähr from the law firm White & Case as the provisional insolvency administrator.
Bähr told the magazine that he now wanted to get an overview of the situation.
The Body Shop is bankrupt: 350 people affected
According to the information, The Body Shop Germany GmbH sold natural cosmetic products in 66 of its own stores as well as online and, to a smaller extent, through franchise branches and shop-in-shop locations in the 2021 financial year.
In that year, the company recorded sales of around 23 million euros in Germany and employed more than 350 people.
The Body Shop group was taken over by the Munich financial investor Aurelius a few months ago.
On Tuesday (February 13), the British subsidiary applied for creditor protection proceedings.
The well-known cosmetics store The Body Shop could soon file for bankruptcy © epa Kiyoshi Ota/dpa
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.
The entire retail sector is under pressure
According to The Guardian,
business did
not pick up as hoped over Christmas, which is why bankruptcy is now inevitable.
The approximately 200 branches in Great Britain are therefore facing closure.
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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