look news india
'The Body Shop' files for bankruptcy: A global cosmetics company is on the verge of bankruptcy. The company has closed its operations in the US and is now preparing to close dozens of stores in Canada as well. The company, The Body Shop, has filed for bankruptcy. The company had closed its business in America from March 1. Due to inflation, the condition of this company has become so bad that it will close 33 out of its 105 stores in Canada. The report states that the company has been struggling with financial problems for some time. There has also been a huge decline in the number of its customers.
Has inflation worsened your condition?
A report has claimed that inflation in the last few years has had a bad impact on the company. Most of its customers are from the middle class and due to the greater impact of inflation on the middle class, the number of customers of the company has decreased. Also, the main business of the company was being run from the mall itself. In such a situation, due to increase in inflation, purchases from malls have reduced. Besides, the financial condition of this company has also worsened due to decline in sales of cosmetics in malls.
When was the company started?
This company was started in 1976. By 2023, the company's business had expanded to more than 2500 retail stores in 80 countries and online in more than 60 markets.
Who is the owner of the company?
The ownership of the company has changed several times. In the year 2006, it was bought by L'Oreal for 100 million dollars. After this, in 2017, it was bought by Brazilian company Natura for more than $100 million. During the last months of last year, it was sold again and bought by asset management group Aurelius for $266 million. Now the company has applied for bankruptcy.