Body Shop, Bankruptcy | Big problems for the body shop

Body Shop, Bankruptcy |  Big problems for the body shop

Thursday maybe FinanceAffairs.com It was announced that the British division of The Body Shop had been declared bankrupt, putting 200 stores and thousands of jobs at risk.

The cosmetics company filed for bankruptcy protection on Monday.

Closes several places

This came as a result of new owner Aurelius discovering that the company was in a much worse financial position than he had initially thought.

The Body Shop has around 200 stores in the UK, of which it is thought around 100 may close.

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It is also expected that a number of employees at head office will lose their jobs in the near future. He wrote that the company has 10,000 employees worldwide and around 2,000 in the UK FinanceAffairs.com.

Friday writes Watchman That many European Body Shop stores began to close. In Germany, the chain was placed into administration, and employees in Belgium were told they would then exit.

The British newspaper wrote that this puts more than 460 jobs in the two countries at risk.

The challenge after the pandemic

The majority of the Body Shop's European divisions were sold last month to an anonymous buyer. The buyer is “presumably” Alma24, a company run by Friedrich Trautwein, The Guardian wrote. He also had previous links with Aurelius.

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Alma24 is also said to have taken control of the Body Shop in Japan.

In the latest accounts for the second quarter of 2023, it became clear that The Body Shop's net sales fell by 12.5 percent to NOK 1.7 billion.

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The company's management points out, among other things, that it has been difficult to meet customers where they are, as consumer habits have changed during the pandemic.

I took a huge paycheck

Distinctive name He writes that 2022 has also been a particularly difficult year for the group.

The accounts also show that Tim Einar Christensen, who is behind the chain, received a salary of NOK 3.5 million that year.

There are about thirty Body Shop stores in Norway.

Nettavisen was unsuccessful in contacting Tim Einar Christensen about what this would mean for the Body Shop of Norway and its employees.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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