A HUGE high-street retailer has made a move to save The Body Shop after the iconic chain plunged into administration.
Retail giant Next has approached administrators about striking a potential deal to save the troubled health and beauty chain.
The Body Shop announced last Tuesday that it would be closing almost half of its 198 stores.
Seven branches shut with immediate effect including sites in Surrey Quays and Oxford Street, London.
Administrators for the high street stalwart said that its current range of stores was “no longer viable” but the move to restructure was necessary to “secure the brand’s future”.
However, it is now understood that Next has approached the administrators, FRP Advisory with hopes of striking a deal.
Sky News has reported that “executives from the UK fashion retailing giant have contacted FRP Advisory to express an interest in acquiring assets as part of any sale process it decides to launch.”
According to Sky, Next is understood to have been “monitoring The Body Shop for some time”.
Next is known for snapping up struggling retailers and just last year bought high street fashion chain Fatface for £115.2million.
The company also intervened to rescue furniture retailer Made.
Next previously began selling Gap clothing online in 2021 after taking over running that high street brand, then in stores early the following year.
It also agreed to buy struggling lingerie brand Victoria’s Secret as well as taking a stake last year in baby and maternity clothing seller JoJo Maman Bebe.
The Body Shop was bought by private equity firm Aurelius from former owner Natura and Co in November in a deal worth £207million.
The cosmetics group said it was looking to shift its focus away from the UK market and towards South America.
It is thought that if Next were successful in purchasing the chain this would not include many or any of The Body Shop’s UK stores.
The ailing retailer has 199 locations and employs 2,000 workers in the UK.
The beloved chain was founded by Anita Roddick and her husband Gordon in Brighton in 1976.
It aimed to set itself apart from other beauty retailers by focusing on ethically sourced and naturally-based ingredients.
The brand joined the L’Oreal group in 2006, before being bought by Natura and Co in 2017.
The Sun has taken a deep dive into what went wrong at the beloved chain.
It comes as many retailers are struggling to make it work on the high street with the increasing cost of living.
Last year saw the demise of popular discount retailer Wilko and quirky stationary brand Paperchase also left the high street.
More recently troubled fashion brand Superdry has said it is looking at various “cost-saving options” after reports it is considering a major restructuring which could include store closures and job cuts.
Meanwhile pharmacy chain Boots has also been restructuring and has revealed it will be closing 300 stores over the next year.
Even charity shops such as Oxfam are struggling as it confirmed it would close eight of its UK stores last year.
However, some shops are bucking the trend and opening up in new locations.
Primark said it will open five new branches, and one is coming in just weeks.
The Frasers Group has announced it will be taking over the former John Lewis site at Queensgate Shopping Centre, Peterborough to open another new concept store.
B&M is opening six new locations at the start of 2024, including in former Wilko stores it has taken over.
See the full list of shops opening on the high street in our round-up.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
