Administrators have provided an update on the future of all 100 remaining branches of The Body Shop after a number were closed. FRP Advisory, which has been overseeing the business since it collapsed in February, says the 100 shops are now up for sale with the rest of the assets of the business.
The shops will continue to operate for now, and will stay open. If a buyer cannot be found, they will be closed and the business wound up.
An FRP spokesman said: “Following the appointment of joint administrators in February efforts have been made to stabilise the business of TBSI and effect various restructuring initiatives. To date there have been efforts to deliver a rescue of TBSI by proposing a Company Voluntary Arrangement (CVA) to creditors.
“Prior to launching a CVA efforts have been made to engage with key stakeholders to agree terms on various matters. Despite the engagement of various parties, it has not been possible to reach the necessary agreements for a CVA to be launched.
“The joint administrators have therefore decided to commence a sale process for the underlying business and assets of TBSI. We remain encouraged by the level of interest received to date from interested parties.”
Seven branches of The Body Shop closed on February 14 this year, and the Body Shop at Home service was also closed. 500 shop staff and 270 at head office have lost their jobs.