The Body Shop’s UK business has fallen into administration, putting more than 2,000 jobs and 200 stores at risk in a further blow to Britain’s shopping districts, as per Bloomberg.
The retailer, owned by private equity firm Aurelius, appointed administrators at FRP Advisory on Tuesday. It said the move was the best way of securing the brand’s future.
Aurelius agreed to buy The Body Shop late last year in a deal that valued the retailer at £207 million ($262 million).
Aurelius, which also owns sportswear chain Footasylum and Lloyds Pharmacy, bought The Body Shop from Brazilian cosmetics conglomerate Natura & Co., which had owned the brand since buying it from L’Oreal in 2017.
The Body Shop was founded in 1976 by animal rights activist Anita Roddick, beginning with a small store in Brighton, on England’s south coast. It became popular for selling cosmetics and hygiene products that were not tested on animals.