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The Physique Store Faces Administration in UK Amidst Store Closures and Job Losses

The UK arm of The Physique Store is poised to enter administration this week, a improvement more likely to result in retailer closures and workforce reductions.

Established in 1976 by the late Dame Anita Roddick, the corporate’s possession lately shifted to personal fairness agency Aurelius.

Regardless of hopes for a strong efficiency in the course of the essential Christmas interval and into January, buying and selling fell in need of expectations. Moreover, The Physique Store confronted challenges with inadequate working capital.

The retailer, with over 200 shops throughout the UK and its headquarters in London, is anticipated to bear vital restructuring overseen by consultants.

FRP Advisory, a restructuring specialist, is anticipated to be appointed as administrator shortly.

Whereas The Physique Store’s presence on Britain’s Excessive Streets is unlikely to fade totally, the main target will shift in direction of value discount measures, together with property and rental bills, alongside bolstering its on-line footprint.

Efforts to raised compete with manufacturers like Lush, famend for its tub bombs and fashionable amongst youthful shoppers, are additionally anticipated.

The Physique Store has undergone a number of possession modifications since Dame Anita’s sale in 2006, inflicting loyal prospects to query the corporate’s moral values.

Recognized for its moral buying and selling practices and stance in opposition to animal testing, The Physique Store skilled vital progress underneath Dame Anita and her husband Gordon Roddick.

Nevertheless, considerations arose when the corporate was bought to L’Oreal in 2006, and subsequent acquisitions by Brazilian magnificence big Natura in 2017 and Aurelius in 2023 additional altered its trajectory.

Mark Constantine, co-founder and CEO of Lush, criticized latest modifications, citing shifts in manufacturing and profit-focused methods that deviated from The Physique Store’s core values.

Aurelius, upon buying The Physique Store, expressed intentions to rejuvenate the enterprise and leverage its model title amidst challenges within the retail market.

Whereas The Physique Store’s world operations make use of 1000’s of people and function in quite a few international locations, latest strikes point out a strategic concentrate on key markets and digital growth.

The Physique Store and Aurelius declined to touch upon the scenario.