The Body Shop Canada Files for Bankruptcy, Closing 33 Stores
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According to court documents, The Body Shop Canada Ltd. is closing a third of its stores due to its parent company (the German private equity group Aurelius) stripping the Canadian arm of cash and pushing it into debt.
On Friday, March 1st, The Body Shop Canada announced the closure of 33 of its 105 stores and its e-commerce operations as it seeks to restructure. Additionally, The Body Shop US has shut down all its US-based operations.
Founded in 1976 by Anita Roddick, a UK-based human rights activist and environmental campaigner, The Body Shop was one of the first companies to prohibit the testing of its products on animals. In 2023, the retailer had 2,500 retail locations in more than 80 countries and e-commerce availability in more than 60 markets.
It’s uncertain whether The Body Shop will be able to rebound swiftly from this setback and fill the void left in the consumer market and retail landscape. Closing these 33 store locations in Canada might pave the way for a diverse range of replacements, potentially including emerging local brands, niche retailers, or even expanding franchises looking to capitalize on the vacated spaces.
References
Benchetrit, J. (2024, March 2). The Body Shop Canada to close 33 stores, end online sales | CBC News. CBCnews. https://www.cbc.ca/news/business/the-body-shop-canadian-stores-closing-1.7131045
Rothenberg, E. (2024, March 10). The body shop shuts down all US operations, closes dozens of stores ... CNN Business. https://www.cnn.com/2024/03/10/business/the-body-shop-shuts-down/index.html
Butler, S. (2024, March 10). The Body Shop Files for bankruptcy in the US and Canada. The Guardian. https://www.theguardian.com/business/2024/mar/10/the-body-shop-files-for-bankruptcy-in-the-us-and-canada
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