Wednesday, April 17, 2024

The Body Shop is closing down all its stores in the United States and shutting down many stores in Canada

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The Body Shop has closed down all its operations in the United States and is shutting down many stores in Canada because it’s going through a tough financial time. The company shared this information in a news release earlier this month. They said that their stores in the United States are no longer running since March 1. In Canada, 33 out of 105 stores will have sales to sell off their remaining products, and online sales in Canada will stop. However, all stores in Canada will stay open for now.

The Body Shop faced problems because of high inflation in recent years, which affected traditional retailers. These are stores that usually operate in malls and target the middle class, which has been struggling financially.

The Body Shop is a UK-based cosmetics company known for its natural, sustainable, ethical, and cruelty-free products. It was founded in 1976 by Anita Roddick, a human rights activist. The company was one of the first to stop testing its products on animals. In 2019, it received a certification as a “B Corp,” which is given to companies meeting specific transparency and environmental standards.

By 2023, The Body Shop had grown to more than 2,500 stores in over 80 countries and was available online in more than 60 markets.

Over the years, The Body Shop changed owners several times. It was bought by L’OrĂ©al in 2006 and then sold to the Brazilian company Natura in 2017. In early 2023, Natura reported a decline in The Body Shop’s performance, with a 13.5% drop in sales in 2022. The company mentioned that 2022 was a challenging year for the brand, with the pandemic affecting sales.

In late 2023, The Body Shop was sold to Aurelius, an asset management group, for around $266 million. CNN has tried to get comments from The Body Shop and Aurelius, but there’s no response yet.

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