Bodycare has made the decision to close an additional 30 stores, effective immediately, following the company’s descent into administration. The beauty chain had previously announced the closure of 32 stores and the loss of approximately 450 jobs after appointing administrators from Interpath earlier this month.
In a recent update, Bodycare revealed that 14 stores will cease operations today, with the remaining 16 set to close on Thursday. The closures will result in around 235 staff members across these stores being made redundant. This move will leave the retailer with approximately 85 remaining shops.
Established in 1970 by Graham and Margaret Blackledge on a Lancashire market stall, Bodycare has been under the ownership of Baaj Capital since 2021. The company retails products from popular beauty brands such as L’Oreal, Nivea, and Elizabeth Arden.
Nick Holloway, managing director at Interpath and joint administrator, expressed gratitude towards the dedicated Bodycare staff and indicated ongoing discussions with potential interested parties to salvage as much of the business as possible. Interpath is actively exploring options for a potential rescue sale of the business.
The news of Bodycare’s financial struggles was initially reported by Sky News, which revealed the company had secured a £7 million debt facility against its retail inventory before entering administration. A debt facility involves a formal agreement where a lender provides a specific sum of money to a borrower over a defined period. Bodycare joins a growing list of high street retailers facing challenges, with Poundland recently sold for £1 to private equity firm Gordon Brothers and announcing plans to close 68 stores.
Additionally, River Island has implemented a restructuring plan to prevent collapse, resulting in the closure of 33 shops while negotiating reduced rents for 71 other stores. Landlords have been requested to consider rent reductions and potential payment halts to mitigate losses. The High Court approved River Island’s rescue deal earlier this month.
The closures and restructuring initiatives reflect the broader challenges faced by high street retailers amid evolving consumer preferences and economic conditions.