HMV owner Doug Putman is reportedly mulling a bid to buy The Body Shop out of administration after its collapse in February just weeks after being taken over by Aurelius.
While Putman is believed to have registered his interest with administrator FRP Advisory, he is yet to make a formal offer, according to The Telegraph.
The Canadian businessman bought HMV out of administration in 2019 and also owns Toys R Us in Canada.
FRP and Doug Putman were approached for a comment.
The news comes after it was reported on Sunday that The Body Shop has filed for bankruptcy in both the US and Canada, according to The Guardian.
The health and beauty retailer is also said to be “struggling” to pay suppliers in Australia due to cash shortages as a result of the UK parent company’s collapse.
According to the newspaper, The Body Shop’s US arm has already ceased trading at its 50 outlets as it filed for Chapter 7 insolvency, putting around 400 jobs at risk.
At the retailer’s Canadian business, 200 jobs have been lost and 33 of its 105 stores have closed their doors.
It is understood that the North American and Australasian businesses are now considered creditors to the UK arm of The Body Shop and may wait months for any payment via FRP.
The Body Shop has made a raft of store closures as FRP cut the retailer’s UK footprint by almost half.
FRP is also in the midst of investigating claims of millions of unaccounted funds taken out of the business before it collapse.
No comments yet