The Body Shop was founded in 1976 by Anita Roddick
The British arm of The Body Shop, the nearly 50-year-old cosmetics company known for ethical hair care and skin products, has entered administration, putting thousands of jobs at risk, administrators said on Tuesday.
The retailer has appointed experts from FRP Advisory to oversee administration – a process in the UK that involves hiring financial experts to try and save parts of a company’s business.
An FRP statement said: “Today, directors of The Body Shop International Limited have appointed Tony Wright, Geoff Rowley and Alastair Massey of business consultancy FRP ) are joint administrators of the company, which operates The Body Shop’s UK operations.”
“Taking this approach provides the stability, flexibility and security to find the best way to secure The Body Shop’s future and revitalize this iconic British brand.”
Administrators will update creditors and employees as appropriate.
German private equity firm Aurelius only acquired The Body Shop in November, but the retailer struggled amid tough economic conditions during the crucial Christmas trading period.
Founded by Anita Roddick in 1976, The Body Shop has become a staple on the British high street, but since she sold it to French cosmetics giant L’Oreal in 2006, The store has been owned by different owners.
The Body Shop has about 200 stores in the UK, accounting for about 7% of its global total of about 3,000 stores in more than 70 countries.
The company employs approximately 10,000 people directly and an additional 12,000 through franchising.
Since taking over, Aurelius has sold The Body Shop’s operations in much of continental Europe and parts of Asia to an unnamed buyer.
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