The Body Shop’s remaining stores saved after rescue deal
Over 100 of The Body Shop’s stores have been saved from closure after the cosmetics brand was rescued out of administration.
The retailer has been acquired by investment firm Aurea, which said it will “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered”.
Sky News reports that there are no immediate plans to close any of The Body Shop’s remaining 116 UK stores.
Aurea is headed up by the “Cosmetics King” Mike Jatania, who will head up the retailer’s new leadership team alongside former Molton Brown CEO Charles Denton.
He also previously ran Lornamead – the owner of a number of personal care brands – before he sold it to rival Li & Fung for around £155m over 10 years ago.
The Body Shop fell into administration in February, leading to the closure of 75 stores.