FRESH HOPE
Huge high street retailer makes move to SAVE Body shop after iconic chain plunged into administration
We also take a deep dive into what went wrong with the much-loved chain
A HUGE high-street retailer has made a move to save The Body Shop after the iconic chain plunged into administration.
Retail giant Next has approached administrators about striking a potential deal to save the troubled health and beauty chain.
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The Body Shop announced last Tuesday that it would be closing almost half of its 198 stores.
Seven branches shut with immediate effect including sites in Surrey Quays and Oxford Street, London.
Administrators for the high street stalwart said that its current range of stores was "no longer viable" but the move to restructure was necessary to "secure the brand's future".
However, it is now understood that Next has approached the administrators, FRP Advisory, with hopes of striking a deal.
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has reported that "executives from the UK fashion retailing giant have contacted FRP Advisory to express an interest in acquiring assets as part of any sale process it decides to launch."
According to Sky, Next is understood to have been "monitoring The Body Shop for some time".
Next is known for snapping up struggling retailers and just last year bought high street fashion chain Fatface for £115.2million.
The company also intervened to rescue furniture retailer Made.
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Next previously began selling Gap clothing online in 2021 after taking over running that high street brand.
It also agreed to buy struggling lingerie brand Victoria's Secret as well as taking a stake last year in baby and maternity clothing seller JoJo Maman Bebe.
The Body Shop was bought by private equity firm Aurelius from former owner Natura and Co in November in a deal worth £207million.
The cosmetics group said it was looking to shift its focus away from the UK market and towards South America.
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It is thought that if Next were successful in purchasing the chain this would not include many or any of The Body Shop's UK stores, according to Sky News.
The ailing retailer has 198 locations and employs 2,000 workers in the UK.
The Body Shop was founded by Anita Roddick and her husband Gordon in Brighton in 1976.
It aimed to set itself apart from other beauty retailers by focusing on ethically sourced and naturally-based ingredients.
The brand joined the L'Oreal group in 2006, before being bought by Natura and Co in 2017.
The Sun has taken a deep dive into what went wrong at the much-loved chain.
Who was The Body Shop founder Anita Roddick?
Dame Anita Roddick, born October 23, 1942, was a British businesswoman, human rights activist and environmental campaigner.
Throughout her lifetime, Anita was best known as the founder of the Body Shop - a cosmetics company producing and retailing natural beauty products.
Anita opened her first Body Shop in Brighton back in 1976.
The brand first started as a small shop providing quality skincare products in refilled bottles, with the belief that the business could be a force for good.
Following this, the Body Shop went on to become a global retail business serving over 30 million customers worldwide.
As a keen campaigner, Anita was involved in activism for environmental and social issues, such as involvement with Greenpeace and The Big Issue.
In addition to this, in 1990, the late entrepreneur founded Children on the Edge - a charitable organisation which helps disadvantaged children in Eastern Europe, Africa and Asia.
In 2007 Anita, who also worked alongside her husband Gordan, sold the company to L’Oréal, but still played an active role in the business.
French firm L'Oreal paid £625million for the company, providing Anita and her husband Gordon with more than £100million for their 18 per cent share in the business.
In September 2007, Dame Anita Roddick passed away at 64 from a brain haemorrhage after being admitted to St Richard's Hospital, Chichester, West Sussex.
Her husband Gordon, and her two daughters, Sam and Justine, were at her side.
Prior to her passing, Anita had revealed that she was diagnosed with Hepatitis C in 2004.
The late founder's illness was first discovered during a routine blood test for a life insurance policy.
She had lived with the illness for more than 30 years before it was discovered - by which time she was suffering from cirrhosis of the liver.
In 2008, a year after her passing, Anita's will revealed that she had given away all of her £51million to charity and the rest to tax.
It comes as many retailers are struggling to make it work on the high street with the increasing cost of living.
Last year saw the demise of popular discount retailer Wilko and quirky stationary brand Paperchase also left the high street.
More recently troubled fashion brand Superdry has said it is looking at various "cost-saving options" after reports it is considering a major restructuring which could include store closures and job cuts.
Meanwhile, pharmacy chain Boots has also been restructuring and has revealed it will be closing 300 stores over the next year.
Even charity shops such as Oxfam are struggling as it confirmed it would close eight of its UK stores last year.
However, some shops are bucking the trend and opening up in new locations.
Primark said it will open five new branches, and one is coming in just weeks.
The Frasers Group has announced it will be taking over the former John Lewis site at Queensgate Shopping Centre, Peterborough to open another new concept store.
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B&M is opening six new locations at the start of 2024, including in former Wilko stores it has taken over.
See the full list of shops opening on the high street in our round-up.
Which The Body Shop stores are closing?
Seven The Body Shop branches have closed so far and administrators say around half of its 198 remaining stores face closure
Here are the stores affected so far:
- Surrey Quays, London
- Oxford Street Bond Street, London
- Canary Wharf, London
- Cheapside, London
- Nuneaton, Warwickshire
- Ashford Town, Kent
- Bristol Queens Road
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