Key Points
The UK-based cosmetics company, The Body Shop, shut down all of its US-based operations and will soon be closing dozens of Canadian store locations after filing for bankruptcy, CNN reported...
It further added that 33 of its 105 stores in Canada will begin liquidation sales immediately and "online sales via Canada's e-commerce store will stop", but that all Canadian locations will remain open for the time being, reported CNN...
It was purchased by cosmetics giant L'Oreal in 2006 for more than a billion dollars and later sold to Brazilian company Natura in 2017 for another billion dollars, reported CNN...
In an early 2023 report, Natura noted that The Body Shop was "(facing) headwinds," with a year-over-year decline of 13.5 per cent in 2022, a year the company said "was far from easy" for the brand..
Moreover, late last year, The Body Shop was sold to asset management group Aurelius for about USD 266 million, as reported by CNN...
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UK-based 'The Body Shop' files for bankruptcy, to shut down all stores in US
11, Mar, 24In an official release earlier in March, the firm announced that its US subsidiary was no longer operational, effective March 1.