The Body Shop is set to shut nearly half of its 198 stores in the UK and reduce the size of its head office, leading to hundreds of job losses.
The UK arm of The Body Shop was put into administration last week, a couple of months after it was bought up by Aurelius, a German private equity firm.
FRP Advisory, the administrator for The Body Shop, said on Tuesday: “A reduced store footprint, will coincide with a renewed focus on the brand’s products, online sales channels and wholesale strategies.”
But the private equity firm said the chain’s performance over the festive period was “worse than [their] worst-case assumptions”, prompting the move to call in administrators.
However, since then it has faced increasing competition, in particular from High Street rival Lush which was co-founded by Mark Constantine who used to be a supplier to The Body Shop.
In 2006, Dame Anita and her husband sold The Body Shop to French beauty giant L’Oreal, which some of its original customer base viewed as a sell-out.
The original article contains 482 words, the summary contains 174 words. Saved 64%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The Body Shop is set to shut nearly half of its 198 stores in the UK and reduce the size of its head office, leading to hundreds of job losses.
The UK arm of The Body Shop was put into administration last week, a couple of months after it was bought up by Aurelius, a German private equity firm.
FRP Advisory, the administrator for The Body Shop, said on Tuesday: “A reduced store footprint, will coincide with a renewed focus on the brand’s products, online sales channels and wholesale strategies.”
But the private equity firm said the chain’s performance over the festive period was “worse than [their] worst-case assumptions”, prompting the move to call in administrators.
However, since then it has faced increasing competition, in particular from High Street rival Lush which was co-founded by Mark Constantine who used to be a supplier to The Body Shop.
In 2006, Dame Anita and her husband sold The Body Shop to French beauty giant L’Oreal, which some of its original customer base viewed as a sell-out.
The original article contains 482 words, the summary contains 174 words. Saved 64%. I’m a bot and I’m open source!
Thank you