UK-based health and beauty retailer Bodycare is set to shutter an additional 30 stores following its entry into administration earlier this month.
The decision follows the company’s initial closure of 32 out of its 147 locations, which resulted in the loss of 450 jobs.
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Interpath, which was appointed as the administrator, revealed in a statement on 15 September that 14 stores are scheduled to shut on 16 September, with the remaining 16 to close on 18 September.
The decision will affect another 235 employees, bringing the total number of job losses to 685 since the company entered administration, as reported by the BBC.
Established in 1970 in Lancashire, Bodycare is known for selling health and beauty products, fragrances, and bathroom consumables.
According to Interpath, the retailer has faced several challenges in recent years, which have adversely impacted its financial standing.
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By GlobalDataThese challenges include rising operational costs, a delayed transition to an online retail platform, and the cost-of-living crisis affecting its customer base.
Furthermore, a planned initial public offering (IPO) last year was cancelled, leading to a funding shortfall, which strained supplier relationships and resulted in a stock shortage.
Interpath initially aimed to keep the majority of Bodycare’s stores (115 in total) operational while exploring potential options for the business, including a possible sale of its assets.
However, Interpath’s latest statement indicates that due to the ongoing stock shortage and the costs associated with running the stores, it is no longer feasible to continue trading all 115 stores that were retained upon their appointment.
Interpath managing director and joint administrator Nick Holloway said: “We’d like to express our sincere thanks to the hundreds of dedicated Bodycare staff who have shown such professionalism since our appointment.
“We will continue to trade the remaining 85 stores while we remain in discussions with interested parties with the aim of preserving as much of the business as possible.”
