Beauty Bay has placed administrators on standby and closed its online store as it continues its search for new investors.
The online retailer filed a notice of intention to appoint administrators on Tuesday (February 17), which will give the business 10 days breathing space from creditors as it explores its options.
The company has been working with Interpath in recent weeks to raise new funding and has lined up the firm as administrators.
Beauty Bay has taken its ecommerce site offline in a move that is understood to minimise disruption to customers and suppliers.
Several parties are thought to have expressed interest in Beauty Bay and its assets, Sky News reported. However, sources told the outlet that it was likely that any deal would be made in the form of a pre-pack.
The online retailer sells more than 200 brands on its platforms, including Ariana Grande, Clinique, and MAC. It also has its own-brand range.
A spokesperson for Beauty Bay said: “Like many other companies operating across the retail space, we’ve been battling hard in the face of strong headwinds over the past 12 months.
“Cost inflation and fragile consumer confidence have had a heavy impact on customer spend.
“Over recent weeks, we’ve been working closely with our stakeholders to find a path forward, including exploring options for sale and investment, with the aim of putting in place a stable financial platform upon which we can continue to build.
“While we continue to explore the options available to us, we have today taken steps to protect the position of the business as we strive to find a way forward.”
No comments yet