Jobs are shaky
Cosmetics retailer Body Shop is insolvent
The international cosmetics retailer Body Shop has filed for insolvency in the UK and Germany. The company operates more than 200 stores in the UK and 66 in Germany in 2021, according to the Federal Gazette.
The company is owned by German investment company Aurelius and was founded in 1976 by Anita Roddick and her husband Gordon. The retailer is one of the first companies to focus on ethically manufactured cosmetics and skincare products and to refrain from animal testing during production. Aurelius, based in Grünwald near Munich, acquired The Body Shop from Brazilian group Natura in November 2023 for 207 million pounds (equivalent to 243 million euros).
10,000 jobs worldwide
At that time, around 10,000 people worked for The Body Shop worldwide. There are currently 2,500 in the UK and more than 350 in Germany. The company, which is represented in 89 countries, also has branches in Austria. It was initially unclear how many of the jobs are now in jeopardy.
New owners sought
Insolvency administrators are to look for new owners for the stores, as the company announced on Tuesday. "This approach provides the stability, flexibility and security to find the best means to secure the future of The Body Shop and revitalize this iconic British brand," it said. In Germany, Düsseldorf-based lawyer Bines Bähr has been appointed as provisional insolvency administrator.
Aurelius recently agreed to sell the company's operations in most of mainland Europe and parts of Asia to an asset management company.
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