The Body Shop has entered administration and they have appointed insolvency experts FRP Advisory on Tuesday.
On Monday The Body Shop employs thousands of workers and has more than 200 shops across the UK filed a notice to appoint administrators.
It is expected that the administrators will line up buyers for the company and assets, which will put jobs at risk, which comes weeks after the European equity firm Aurelius took over control of the retailer.
In a statement, they said, “administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.”
The cosmetics retailer will continue to trade “ensuring customers will be able to continue to shop in store and online for their favourite products.”
The administration will provide “the stability, flexibility and security to find the best means of securing the future of The Body Shop and revitalising this iconic British brand.”
They added, “The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector.”
In November Aurelius secured a £207 million deal and bought the Brazilian retailer from Natura & Co, the European firm specialises in turning around companies and on 1 January they took control of operations.
The Body Shop employed some 10,000 people globally at the time Aurelius bought the retail giant and operated around 3,000 stores across 70 countries.