The Body Shop Canada Ltd. is seeking creditor protection and closing a third of its stores because its parent company stripped the Canadian arm of cash and pushed it into debt, according to court documents.
An affidavit published through the company's court monitor from Jordan Searle, who heads the Canadian arm, describes how troubles befell the retailer, whose parent company The Body Shop International Ltd. was bought by European private equity firm Aurelius for $355 million.
The Body Shop Canada announced Friday it will close 33 of its 105 stores and its e-commerce operations as it seeks to restructure itself under the Bankruptcy and Insolvency Act. The news came just weeks after its parent company filed for creditor protection in Britain.
The Canadian branch had 784 workers before the filings were made and about 200 will be laid off by the end of March, according to the court documents. Twenty head office employees and two contractors had their employment terminated Friday, the documents show.
Now, the longevity of the 48-yearold international company known for its cruelty-free skin care products hinges on its ability to restructure in several markets.
In Canada, where The Body Shop has been a mall stalwart since 1980, finding a path forward could involve untangling the company's finances.
Bu hikaye Toronto Star dergisinin March 05, 2024 sayısından alınmıştır.
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Bu hikaye Toronto Star dergisinin March 05, 2024 sayısından alınmıştır.
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