The company is set to appoint administrators as soon as next week which could put significant number of jobs at risk.

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It is understood the chain, founded by Anita Roddick and her husband Gordon, is set to to appoint FRP Advisory to oversee an insolvency process that could affect around 200 stores.

As reported by Sky News, sources claimed there was a strong possibility that administrators would shut down a large number of The Body Shop’s UK branches.

The retailer told RetailWeek, that it “further prioritises The Body Shop’s strategically important markets and global head franchise partner relationships, which it will look for opportunities to build”.

“The Body Shop will also focus on more effectively reaching customers by strengthening digital platforms, developing new sales channels, and via differentiated retail experiences,” it added.

“The announced sale is another decisive step towards delivering a strong turnaround strategy for The Body Shop, supported by the right structure.

“The ambition is to create a modern and dynamic beauty brand, relevant to customers and able to compete for the long term.”