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Canada  + Cross Border News  + Retail  | 
The Body Shop is closing five stores in the Maritimes as it closes 33 stores across Canada altogether.

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.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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