British beauty retailer Bodycare has entered administration, leading to the permanent closure of 32 of its stores. Reports indicate that some stores have already shut earlier this week. The closures have resulted in approximately 450 employees losing their jobs. The Bodycare website is currently unavailable, displaying a message stating that the shop is closed. The retailer, known for selling products from popular beauty brands like L’Oreal, Nivea, and Elizabeth Arden, has enlisted advisors from Interpath Advisory to manage the administration process.
Established in 1970 by Graham and Margaret Blackledge on a Lancashire market stall, Bodycare has been under the ownership of Baaj Capital since 2021. With 147 stores across the UK, news of the company’s move towards administration was initially disclosed by Sky News. Prior to its collapse, Bodycare had secured a £7 million debt facility against its retail inventory.
In a similar vein, Poundland recently avoided administration through a court-approved restructuring plan. Following its sale to private equity firm Gordon Brothers for £1, Poundland announced intentions to close 68 stores, affecting about 1,000 employees. River Island also underwent a restructuring plan to prevent collapse, leading to the closure of 33 shops and reduced rents for 71 other stores. Landlords were requested to consider rent reductions and potential payment halts to mitigate losses.
These developments reflect the challenging landscape faced by high street retailers, with companies like Bodycare, Poundland, and River Island implementing measures to navigate financial difficulties and adapt to evolving market conditions.
