The Littlehampton based cosmetic and beauty brand called in administrators for its UK branch last week. 7 stores close today .
The following statement has been issued:
"Having assessed the business, the Joint Administrators of The Body Shop, Tony Wright, Geoff Rowley, and Alastair Massey, today announce a restructuring plan to secure the future of The Body Shop.
"After years of unprofitability and following a full evaluation of The Body Shop’s UK business, the Joint Administrators have concluded that the current store portfolio mix is no longer viable. As an immediate step, seven stores will close today, with additional closures to follow. It is expected that at the conclusion of the restructuring, more than half of The Body Shop’s 198 UK stores will remain open.
A reduced store footprint, will coincide with a renewed focus on the brand’s products, online sales channels and wholesale strategies, bringing the brand in line with industry peers and supporting a return to financial stability.
Following the earlier sale of loss-making businesses in much of mainland Europe and parts of Asia, and to support a simplified business, The Body Shop will also restructure roles across its London and Littlehampton Head Office sites to align with this forward-looking strategy and more nimble, financially viable model.
The Head Office headcount is expected to reduce by approximately 40%, to over400 full time employees.
The Administrators have also decided The Body Shop Ambassador programme will close.
The seven stores immediately impacted are: Surrey Quays (London), Oxford Street Bond Street (London), Canary Wharf (London), Cheapside (London), Nuneaton (Warwickshire), Ashford Town Centre (Kent), Bristol Queens Road (Bristol)
"Stabilising and strengthening the central core will also support The Body Shop's International Strategy, with Global Head Franchise Partners and wholesale partners in Asia, Middle East and Europe a cornerstone of future success.
"This swift action will help re-energise The Body Shop’s iconic brand and provide it with the best platform to achieve its ambition to be a modern, dynamic beauty brand that is able to return to profitability and compete for the long term."
Olympic hopes across the South
South of England Showground to host Autumn Show & Horse Trials
New D-Day displays pop-up around Portsmouth
London man sentenced in connection with Hampshire burglary series
Southwick man jailed for rape and violent abuse
Budget gap at West Sussex County Council
Supporting Portsmouth's young people with disabilities travel around the city
Sussex Police welcomes call for whole-system approach to tackling violence against women and girls
Major works to protect East Dean village from flooding begin
Chagos Islanders in Crawley still have no home
On Air