The Body Shop Canada has secured a buyer, bringing an end to more than nine months of creditor protection.

The retail chain, known for its distinctive creams, lotions, and perfumes, will seek court approval Friday to sell its remaining assets to Serruya Private Equity. Markham, Ont.-based Serruya is buying the Body Shop Canada from the purchaser of its financially troubled U.K. parent which was also under creditor protection before a final sale occurred.

Serruya Private Equity, led by Michael Serruya, co-founder of Yogen Früz, was identified as the buyer in a legal filing. While the financial terms were redacted, the purchase includes a combination of cash and the assumption of certain liabilities.

The Body Shop Canada owed more than $3.3 million to creditors as of February 26, according to documents filed with the Office of the Superintendent of Bankruptcy Canada in March, the Globe and Mail reported. A December 9 report from court-appointed monitor Alvarez & Marsal estimated total debts between $11.5 million and $12.5 million.

Michael Serruya has not commented on how much his firm is paying for the Body Shop Canada, the Globe reported. Serruya’s portfolio includes stakes in several brands, such as Second Cup Coffee Co., St. Louis Bar & Grill, Swensen’s ice cream, and the Dirty Bird fried chicken and waffles.

The Body Shop is known for its ethical beauty products. Starting in early March, the Body Shop Canada closed 33 stores that accounted for approximately one-third of its 105-store footprint. But only 72 stores remained in operation by mid-May, according to the Globe.

The company had more than 700 Canadian employees but reduced that total to 600, including seasonal workers, the Globe reported. Alvarez & Marsal estimates in its filing that the employee could will be further reduced, to about 400 permanent employees and approximately 100 seasonal workers.

The sale process, initiated by Alvarez & Marsal in June, reached out to 55 potential buyers, including 30 Canadian firms and 25 international or U.S.-based companies. Of those, 21 signed confidentiality agreements, and four bids were submitted. Only two were deemed qualified, as one was a preliminary expression of interest, and the other was a joint-venture proposal.

The British parent firm’s new owner sought franchise arrangement rather than have the Body Shop Canada remain a corporate subsidiary. Serruya finalized franchise terms with the parent’s new owner in late November.

On Thursday, Jordan Searle, Body Shop Canada’s president, told the Canadian Press that the chain will close more stores but most of the 72 outlets will remain open.

“We’re certainly very happy to successfully preserve the majority of the Body Shop stores across Canada,” he told the wire service.

Serruya’s experience made it a logical fit for the Body Shop Canada, Searle told CP.

“They are retail veterans operating in a lot of the similar retail environments that we’re in already. They understand the franchise model,” commented Searle in the interview with CP.

He will remain at the company’s helm.

Pictured: Body Shop store in Burnaby, B.C.

Photo: Gathering of One / Shutterstock.com