The UK-based cosmetics firm, The Body Shop, locked down all of its US-based procedures and will quickly be closing dozens of Canadian supply sites after filing for bankruptcy.
Earlier this month, The Body Shop, in an authorized announcement, declared that its US subsidiary was no longer operating, effective 1st March .
It additional auxiliary that 33 of its 105 stores in Canada will initiate insolvency sales instantly and “online sales via Canada’s e-commerce store will discontinue,” but that all Canadian sites will continue open for the time being.
According to the information, a high increase in current years has pretentious traditional vendors, mainly those like The Body Shop, which largely functioned out of malls and were intended for the mid-class.
The UK-based cosmetics corporation, originated in 1976 by human rights activist and environmental campaigner Anita Roddick, is known for products it markets as normal, maintainable, moral, and cruelty-free.
It was one of the formerly corporations to forbade testing on animals for many of its products.
Later in 2019, it was certified as a “B Corp,” a title given to corporations that encounter convinced clearness and environmental scrupulousness ethics.
By 2023, it had prolonged to more than 2,500 selling locations in over 80 countries and was existing to buy online in more than 60 markets.
Meanwhile, since its commencement, The Body Shop has altered hands numerous times. It was bought by cosmetics gigantic L’Oreal in 2006 for more than a billion dollars and later sold to Brazilian corporation Natura in 2017 for an additional billion dollars.
However, the brand was demolished in rigid times and has been injured in recent years.
In an initial 2023 report, Natura noted that The Body Shop was “facing headwinds,” with a year-over-year waning of 13.5 percent in 2022, a year the corporation said “was far from easy” for the brand. Its direct-to-consumer channels, which had “benefitted during COVID-19,” resumed to “more normalize pre-pandemic levels,” additionally impacting sales numbers, Natura said.
Furthermore, late the previous year, The Body Shop was vended to asset organization group Aurelius for about USD 266 million.