A major cosmetic chain has abruptly shut more than 20 stores as it teeters on the brink of collapse.
Body Catalyst will permanently close 26 stores a month after the company was plunged into administration.
The beauty chain owes $5.3 million to unsecured creditors and a further $3.2 million owed to secured creditors,
Creditors voted at a meeting on Tuesday to place the closed clinics into liquidation.
The fate of the company’s 16 remaining clinics hang in the balance and will be decided at a second creditor’s meeting next week.
Up to 85 staff will have an anxious few days ahead of them waiting to find out if they still have a job.
Body Catalyst owes $5.3 million to unsecured creditors and a further $3.2 million owed to secured creditors, according to administrators WLP Restructuring.
The cosmetic chain operates across NSW, Victoria and Queensland, as well as New Zealand.
More to come
Alan Walker and Glenn Livingstone from WLP Restructuring will meet with creditors to discuss the financial viability of Body Catalyst on December 19