Body Shop has announced the closure of seven of its stores in the UK today just days after the company unveiled plans to appoint administrators.
The high street chain will close four London stores in Surrey Quays, Oxford Street Bond Street, Canary Wharf and Cheapside as well as shops in Nuneaton in Warwickshire, Ashford Town Centre in Kent and Queens Road in Bristol.
Body Shop said in a statement announcing the closures today: ‘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.
Body Shop has announced the closure of seven of its stores in the UK today
‘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 in its Head Office 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 a future headcount of over 400 full time employees. The Joint Administrators have also decided The Body Shop Ambassador programme will close.
‘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.’