Major retail chain switches to SAVE Body Shop
A HUGE retailer has taken a step to save The Body Shop after the iconic chain fell into administration.
Retail giant Next has approached administrators about completing a potential deal to save the struggling health and beauty chain.
The Body Shop announced last Tuesday that it would close almost half of its 198 stores.
Seven branches have closed with immediate effect, including branches in Surrey Quays and Oxford Street, London.
Administrators of the stalwart retail chain said the current store offering was “no longer viable” but the move towards restructuring was necessary to “secure the future of the brand”.
However, it is now understood that Next has approached the administrators, FRP Advisory, in the hope of striking a deal.
Sky News has reported that “Executives from the British fashion retail giant have contacted FRP Advisory to express interest in acquiring assets as part of any sales process it decides to launch.”
According to Sky, Next has been “watching The Body Shop for some time”.
Next is known for buying up struggling retailers and last year bought fashion chain Fatface for £115.2 million.
The company also intervened to save furniture store Made.
Next previously started selling Gap clothing online in 2021 after taking over the reins of that high street brand, and in stores early the following year.
The company also agreed to acquire struggling lingerie brand Victoria’s Secret and took a stake in baby and maternity wear retailer JoJo Maman Bebe last year.
The Body Shop was bought by private equity firm Aurelius from former owner Natura and Co in November in a deal worth £207m.
The cosmetics group said it wanted to shift its focus from the UK market to South America.
It is thought that if Next were successful in purchasing the chain, this would not include many, if any, of The Body Shop’s UK stores.
The ailing retailer has 199 locations and employs 2,000 workers in Britain.
The much-loved chain was founded in 1976 by Anita Roddick and her husband Gordon in Brighton.
It wanted to differentiate itself from other beauty retailers by focusing on ethically sourced and natural-based ingredients.
The brand joined the L’Oréal group in 2006, before being bought by Natura and Co in 2017.
The Sun has conducted a deep investigation into what went wrong at the beloved chain.
It comes as many retailers are struggling to make it work on the high street due to the rising cost of living.
Last year, the popular discount retailer Wilko disappeared and the quirky stationary brand Paperchase also left the shopping streets.
More recently, struggling fashion brand Superdry has said it is exploring various “cost-cutting options” after reporting it is considering a major restructuring, including store closures and job cuts.
Meanwhile, pharmacy chain Boots is also restructuring and has announced that it will close 300 stores in the coming year.
Even charity shops such as Oxfam are struggling, having confirmed last year that it would close eight of its UK stores.
However, some stores are bucking the trend and opening in new locations.
Primark said it will open five new stores, with one coming within weeks.
Frasers Group has announced it will take over the former John Lewis site in the Queensgate Shopping Centre, Peterborough, to open another new concept store.
B&M will open six new locations in early 2024, including in former Wilko stores that it took over.
See the full list of stores opening on the high street in our overview.