The Body Shop administrators to put retailer up for auction
The Body Shop administrators will put the chain up for auction after concluding that an alternative restructuring of the high-street retailer would not be viable.
According to Sky News, administrator FRP Advisory has begun formally sounding out potential buyers over the coming weeks, raising the prospect of new owners taking control of the Body Shop.
FRP said it had "not been possible" to reach the necessary agreements for the launch of a company voluntary arrangement
"The joint administrators have therefore decided to commence a sale process for the underlying business and assets of TBSI," said FRP, which stated it has been "encouraged" by the level of interest received to date from interested parties.
"The Body Shop remains an iconic brand and following the structural changes we have made to the business since our appointment we consider it has a viable future," said FRP. "This will be showcased to potential acquirers during the sale process."
Reporting by Iain Gilbert at Sharecast.com