High street chain The Body Shop said it has hired administrators, putting thousands of jobs and stores at risk. The retailer, which runs more than 200 shops across the UK, has appointed insolvency experts from FRP Advisory to oversee the process.
FRP said the move to place the retailer in administration “provides the stability, flexibility and security to find the best means of securing the future” of the chain.
FRP said: “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.”
The administrators added: “The Body Shop remains guided by its ambition to be a modern, dynamic beauty brand, relevant to customers and able to compete for the long term.
“Creating a more nimble and financially stable UK business is an important step in achieving this.”
The chain will continue to trade through stores and online during the administration process.
The retailer was founded in 1976 by Anita Roddick and her husband Gordon as one of the first companies to promote so-called ethical consumerism, focusing on ethically produced cosmetics and skincare products.
It comes only weeks after new owners, European private equity firm Aurelius, took control of the business.
