The Physique Store to close as much as half of its UK shops

The Physique Store is about to close as much as half of its 198 shops within the UK and lower the dimensions of its head workplace, resulting in tons of of job losses.

Closures will start instantly on Tuesday, the agency that’s overseeing the restructuring of the sweetness retailer mentioned.

The Physique Store employs round 2,200 individuals within the UK, together with 750 employees at its head workplace.

The cuts would “assist re-energise” the model, the directors mentioned.

The shops instantly affected embody 4 in London, the place rents and different overheads are highest. The chain’s remaining retailers and the web site will commerce as regular because the restructuring proceeds.

“It’s anticipated that on the conclusion of the restructuring, greater than half of The Physique Store’s 198 UK shops will stay open,” mentioned the administrator, FRP Advisory.

It’s understood that The Physique Store’s world franchises within the Center East, Asia, Africa and the remainder of Europe will not be affected by closures.

The Physique Store shops closing on Tuesday are:

The UK arm of The Physique Store was put into administration final week, a few months after it was purchased up by Aurelius, a German non-public fairness agency.

Shopper knowledgeable Kate Hardcastle, who hung out with The Physique Store founder Dame Anita Roddick, mentioned the closures had been a stark reminder of the present “unstable” retail panorama.

“Nevertheless, relevance is equally essential. A model should evolve with its viewers. The problem lies not simply in upholding these values however in speaking them successfully to a era that calls for authenticity and motion,” she mentioned.

FRP mentioned: “A diminished retailer footprint, will coincide with a renewed concentrate on the model’s merchandise, on-line gross sales channels and wholesale methods.”

Workers headcount on the head workplace in London shall be diminished by roughly 40%, as a part of a “extra nimble, financially viable mannequin” following the sooner sale of loss-making companies in mainland Europe and elements of Asia.

The Physique Store’s Ambassador Programme, which permits representatives to promote the agency’s merchandise on to clients, can even shut, FRP mentioned.

The retailer has already introduced that its unique direct promoting community, The Physique Store at Dwelling, which operated for 30 years, will shut this month.

Aurelius purchased The Physique Store for £207m on the finish of final yr from Brazilian magnificence large Natura.

However the non-public fairness agency mentioned the chain’s efficiency over the festive interval was “worse than [their] worst-case assumptions”, prompting the transfer to name in directors.

It’s the first main retail failure within the UK this yr.

Aurelius is The Physique Store’s principal secured creditor – which means it’s first in line to obtain funds from the corporate as it’s restructured. Because of this, additionally it is thought of to be in pole place to take again management of the retailer.

Retail analyst Natalie Berg mentioned the closure was a “reminder of the hazards of complacency”.

“The Physique Store was as soon as a trailblazer, however they’ve settled into the established order. Standing nonetheless is essentially the most harmful factor you are able to do in retail. You must constantly evolve with a purpose to keep related to clients. Should you do not, another person actually will,” she mentioned.

The Physique Store was based by the pioneering British businesswoman and activist Dame Anita Roddick and her husband in 1976, and shortly established itself as a floor breaking moral, sustainable model – rejecting animal testing on cosmetics, and selling environmentally-friendly merchandise and moral sourcing practices.

Nevertheless, since then it has confronted rising competitors, particularly from Excessive Avenue rival Lush which was co-founded by Mark Constantine who was once a provider to The Physique Store.

In 2006, Dame Anita and her husband offered The Physique Store to French magnificence large L’Oreal, which a few of its unique buyer base considered as a sell-out.

Later its adoption of aggressive gross sales ways, together with ferocious discounting, put individuals off paying full costs for its merchandise.

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