The Physique Store employs about 1,500 folks throughout its UK shops (Representational)
The UK arm of The Physique Store cosmetics group will shut practically half its 198 retailers, adminstrators introduced in to save lots of components of the distressed firm mentioned Tuesday.
The close to 50-year-old enterprise famend for moral hair and pores and skin merchandise will instantly shut seven shops, together with 4 in London, directors FRP Advisory mentioned in an announcement.
The Physique Store employs about 1,500 folks throughout its UK shops however the directors didn’t specify what number of positions can be misplaced.
They added, nonetheless, that about 270 roles would disappear from its London head workplace, or some 40 p.c of the workforce there.
The Physique Store final week appointed FRP to try to maintain the enterprise operating, just some months after it was purchased by Aurelius.
The German non-public fairness agency has already offloaded the beauty group’s operations in most of mainland Europe and in components of Asia.
“After years of unprofitability and following a full analysis of The Physique Store’s UK enterprise,… directors have concluded that the present retailer portfolio combine is not viable,” Tuesday’s assertion mentioned.
It added that “a diminished retailer footprint, will coincide with a renewed concentrate on the model’s merchandise, on-line gross sales channels and wholesale methods,… supporting a return to monetary stability”.
Based in 1976 by Anita Roddick, the group was later owned additionally by French cosmetics big L’Oreal after which Brazil’s Natura Cosmeticos, previous to its current sale.
Roddick, who died in 2007 from a mind haemorrhage, quickly expanded the enterprise from modest beginnings with a dedication to supply merchandise that had not been examined on animals.
She got down to make her enterprise additionally environmentally-friendly, with clients inspired to return empty containers for refilling on the authentic store in Brighton, on England’s south coast.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)