Ontario Judge Approves Body Shop Canada Sales Process
An Ontario judge has approved a sale process designed to help the beauty products retailer emerge from bankruptcy protection, the Canadian Press reported.
Justice Peter Osborne granted Body Shop’s application to permit the company to engage with potential buyers who could keep the Canadian business operating.
But any proposed deal would require co-operation from the Body Shop Canada’s U.K.-based parent, because it the chain’s licenses and has long managed finances and inventory for its international arms, Natalie Renner, a lawyer for the Canadian firm, told the court, according to CP.
Renner also told the court that the parent company’s sales effort is “well advanced” and could culminate soon, the wire service reported.
The Body Shop previously announced plans to close 33 Canadian stores due to its financial woes. The chain’s U.S. business has ceased operations.
Alvarez & Marsal is co-ordinating the court-monitored sales process for the Body Shop Canada.
- ◦Sale/Acquisition
- ◦Financing