Five Body Shop Stores to Close in Maritimes
The Body Shop will close five stores in the Maritimes as it goes through bankruptcy protection.
The five closures are scheduled to occur at Champlain Place in Dieppe, N.B.; Corner Brook Place in Corner Brook, NL; Cornerbrook, NL; Mayflower Mall in Sydney, N.S.; and Truro Mall in Truro, N.S.
The beauty products retailer listed the impending Maritimes shutdowns among all of its scheduled store closures across Canada. Altogether, the Body Shop plans to close 33 stores in Canada.
The total affected stores represent about one-third of the beauty products retailer’s 105-store Canadian footprint.
The Body Shop Canada announced Friday that it has commenced restructuring proceedings by filing a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (NOI) in an Ontario court. The standard move is designed to prevent creditors from taking legal action against the chain while it is restructuring.
Toronto-based Alvarez and Marsal has been appointed as the proposal trustee.
The Body Shop Canada filed the NOI after its U.K.-based parent made a similar British court filing. The chain’s U.S. business has ceased operations.
The closures come after European asset manager Aurelius Group acquired the Body Shop from Natura & Co., in December 2023.