A massive cosmetics company closes in New York, triggering layoffs as the company ceases operations nationwide.
Popular cosmetics chain The Body Shop has closed all of its stores in the United States, including a total of 7 locations in New York.
In a shock announcement, the popular cosmetics and personal care retailer The Body Shop has pulled out of the United States market entirely.
On March 1st, 2024, the company issued a press release stating that “The Body Shop US Limited has ceased operations,” effective immediately.
The abrupt closure has left hundreds of stores shuttered across the nation and an unknown number of employees unemployed.
Worker Adjustment and Retraining Notification (WARN) notices were filed this week with the New York Department of Labor.
Of the 66 total locations in the United States, seven were in New York—the second-most of any state.
Body Shop closures impact more than just New York.
In addition to closing all United States stores, 33 stores permanently closed in Canada, 77 in the United Kingdom, and 15 in Denmark.
The company’s restructuring process also means that the retailer has stopped accepting gift cards, will not sell new gift cards, or provide refunds, according to CBC News.
The Body Shop was acquired by AURELIUS GROUP in December 2023 and Alvarez & Marsal Canada Inc. was appointed as the Proposal Trustee.
This comes as The Body Shop plunged into financial trouble in its home country, the United Kingdom, reports The-Sun.
The company collapsed into administration on February 13 and administrators deemed the brand’s current portfolio “no longer viable” after “years of unprofitability,” according to The-Sun.
Around 270 head office jobs in the UK will be cut but The Body Shop did not reveal how many jobs had been lost in North America.
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Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Other Economy News Today
A beloved music retailer now makes an unexpected closure, part of a plan to shutter several more stores, sources report.
Sam Ash Music in New Haven, Connecticut, is the last store of its name in the state, and come late May, it will shutter its doors for the last time, reports The-Sun.
Eric D’Eugenio confirmed with CT Insider that the location would be closing in the Spring.
While the corporate office did not give a reason as to why the location was closing, D’Eugenio was able to shed some light on the direction of the company.
He said that multiple other locations across the country are expected to close this coming year.
An employee of a Florida Sam Ash location that has recently announced its closure revealed that the company plans to close 18 stores total, as reported by The Patch.
The company was founded in Brooklyn, New York in 1924, eventually growing to 45 locations in 16 states; soon to be only 15.
As the location prepares to close, they are running storewide sales.
“I was a musician — not anymore. I still like to go in and look,” explained Bob Mansfield.
“But they don’t have much.”
Most items are currently only marked down by 5%, with some more specialized items reduced by up to 20%.
“I think it sucks,” said Mike Merrill, who had just bought an acoustic guitar just two weeks prior, reported the New Haven Register.
Merill is unsure where he will go to now, as physically testing out his instrument before buying it is integral to his creative process.
“If I’m going to buy an amp, I want to be able to play through it,” he said.
Jack Libero of Goldie & Libro’s, who is active in the local music scene is devastated to see the establishment close.
“It’s a situation where I don’t think it’s going to get better. I think it’s just the beginning,” he said of music shops closing down.
“It’s the effect of the economy, the effect of online buying,” said Libero, whose own establishment has only survived by selling through school systems and joining the nationwide Music & Arts conglomerate.
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Also Read: A New Round of Massive Layoffs Now Hits Pennsylvania
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