One of Britain's largest beauty chains faces the prospect of shutting 100 outlets nationwide. Bodycare, which entered administration last week, has already confirmed that 32 of its branches will shut permanently.
Several outlets are believed to have ceased trading earlier this week, resulting in approximately 450 staff losing their jobs. The retailer confirmed it had enlisted advisors from Interpath Advisory to oversee the administration proceedings.
Branches in major locations including Yorkshire and Wrexham have already cleared their inventory, while the Bodycare website has gone offline.
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Nick Holloway, managing director at Interpath and joint administrator, said: "These remain challenging times for high street retailers as rising costs and reduced consumer spending continue to weigh heavily on trading.
"Unfortunately for Bodycare, which was also contending with a significant funding gap and increasing creditor pressure, these challenges proved too difficult to overcome."
The chain was initially established in 1970 on a Lancashire market stall by Graham and Margaret Blackledge. It has been under the ownership of Baaj Capital since 2021.
Previous reports indicated that Bodycare had obtained up to £7m in debt facility secured against its retail stock. It was previously reported that Bodycare secured as much as £7m in debt facility against its retail inventory. Such debt facilities are a formal agreement where a lender provides money to a borrower over a set period.
Currently, 115 Bodycare stores are still open and operating as usual. Despite this, they could still be at risk of closure, depending on the outcome of the administrative process.
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