The Body Shop Canada, a subsidiary of the UK-based beauty and cosmetics brand, has announced the closure of 33 stores. This decision comes as the company seeks creditor protection amid financial difficulties. The closures represent nearly a third of The Body Shop's 105 Canadian stores.
A court filing revealed that The Body Shop Canada owes over $3.3 million to unsecured creditors and approximately $16,400 to secured creditors. The restructuring process will also see an end to online sales in Canada. As part of
the restructuring, The Body Shop Canada will no longer accept gift cards, issue new ones, or provide refunds, with all sales being considered final. The company's North American president, Jordan Searle, communicated these changes in a memo to Canadian staff.
The closures will affect several cities, including Toronto, Ottawa, Edmonton, Calgary, Saskatoon, and Saint John, although the exact number of job losses has not been disclosed. The Body Shop's previous acquisition by a private equity firm and subsequent administration last month have contributed to its current state.
The Body Shop Canada has been a fixture in Canadian malls since 1980 but has faced increasing competition from other beauty brands such as Sephora, Bath & Body Works, and Lush. This competitive pressure, along with the challenges of e-commerce, has impacted the retailer's performance.
The list of closing stores spans multiple provinces, with locations in Ontario, Alberta, Saskatchewan, British Columbia, New Brunswick, Nova Scotia, Manitoba, and Newfoundland and Labrador set to liquidate their inventory immediately. The 33 locations that are closing, listed below, set to immediately start liquidation sales…
Discussion
0 Comments
No comments yet.
Sign in to join the discussion.