High Street beauty chain Bodycare is to close its 56 remaining stores, resulting in 444 redundancies, administrators have said.
Last week, it announced the closure of 30 shops, having collapsed into administration earlier this month.
A shortage of stock and the cost of running stores meant it was no longer viable to keep its 115 stores open, administrators said at the time.
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Since the appointment of administrators, roughly 150 shops have been shut, and more than 1,000 people have lost their jobs.
Bodycare specialised in selling fragrances, toiletries, cosmetics and skincare products and was founded on a Lancashire market stall more than half a century ago. It employed about 1,500 people.
The news follows Sky News reporting that Bodycare was seeking a buyer in an attempt to avert its collapse.
Joint administrator and managing director at restructuring and advisory business Interpath, Nick Holloway, said: “We understand this has been a difficult period and so we want to further express our sincere thanks to Bodycare’s staff who, since day one of the administration, have maintained the strong standards of presentation and customer service that Bodycare was renowned for.
“We will continue to explore options for the company’s assets, including the Bodycare brand, and will provide further updates in due course.”
What happened?
Bodycare had come under pressure due to rising costs, a delayed transition from its online retail platform and cost-of-living pressures on shoppers.
It also said it suffered a shortfall in funding after an aborted stock market listing last year, which also hit supplier relationships and led to stock shortages.
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It had been profitable before the pandemic, but like many retailers, it lost millions of pounds in the financial years immediately after.
At the time, it received state financial support in the form of a multimillion-pound loan from one of the Treasury’s pandemic funding schemes.
Just weeks ago, the retailer secured a £7m debt facility to buy it short-term breathing space.
The brand was established by Graham and Margaret Blackledge in Skelmersdale in 1970, and sold branded products 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 department store groups.
Just the latest retailer in trouble
Bodycare is just the latest in a series of high street chains to face collapse this year, amid intensifying complaints from the industry about tax increases announced in last autumn’s budget.
In recent weeks, River Island and Poundland both narrowly avoided administration after winning creditor approval for restructuring plans involving store closures and job losses.
