Excessive Avenue magnificence chain Bodycare is to shut its 56 remaining shops, leading to 444 redundancies, directors have stated.
Final week, it introduced the closure of 30 outlets, having collapsed into administration earlier this month.
A scarcity of inventory and the price of operating shops meant it was not viable to maintain its 115 shops open, directors stated on the time.
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For the reason that appointment of directors, roughly 150 outlets have been shut, and greater than 1,000 folks have misplaced their jobs.
Bodycare specialised in promoting fragrances, toiletries, cosmetics and skincare merchandise and was based on a Lancashire market stall greater than half a century in the past. It employed about 1,500 folks.
The information follows Sky News reporting that Bodycare was in search of a purchaser in an try to avert its collapse.
Joint administrator and managing director at restructuring and advisory enterprise Interpath, Nick Holloway, stated: “We perceive this has been a tough interval and so we wish to additional categorical our honest because of Bodycare’s workers who, since day one of many administration, have maintained the robust requirements of presentation and customer support that Bodycare was famend for.
“We’ll proceed to discover choices for the corporate’s belongings, together with the Bodycare model, and can present additional updates sooner or later.”
What occurred?
Bodycare had come beneath strain resulting from rising prices, a delayed transition from its on-line retail platform and cost-of-living pressures on customers.
It additionally stated it suffered a shortfall in funding after an aborted inventory market itemizing final 12 months, which additionally hit provider relationships and led to inventory shortages.
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It had been worthwhile earlier than the pandemic, however like many retailers, it misplaced hundreds of thousands of kilos within the monetary years instantly after.
On the time, it acquired state monetary assist within the type of a multimillion-pound mortgage from one of many Treasury’s pandemic funding schemes.
Simply weeks in the past, the retailer secured a £7m debt facility to purchase it short-term respiratory house.
The model was established by Graham and Margaret Blackledge in Skelmersdale in 1970, and bought branded merchandise made by the likes of L’Oreal, Nivea and Elizabeth Arden.
It was run by retail veteran Tony Brown, who held senior roles at BHS and Beales, the now-defunct division retailer teams.
Simply the newest retailer in bother
Bodycare is simply the newest in a sequence of excessive road chains to face collapse this 12 months, amid intensifying complaints from the trade about tax will increase introduced in final autumn’s funds.
In latest weeks, River Island and Poundland each narrowly averted administration after profitable creditor approval for restructuring plans involving retailer closures and job losses.
