Struggling health and beauty chain Bodycare says it will immediately shut 32 of its stores across the UK and make 450 staff redundant, after going into administration.
Known for being a bargain stop for cosmetics and beauty products, including big tubs of popular moisturisers and conditioners displayed on floor-to-ceiling shelves, the firm has about 1,500 employees.
It has 147 bricks-and-mortar shops which have become too expensive to maintain amidst rising rents, the firm said.
It is the latest British retail chain casualty as firms grapple with higher staffing costs and fewer sales.
The firm said the majority of its stores will continue to trade as normal while it explores “options” including looking for a buyer.
It will shut stores in places including Croydon, Edinburgh, Hemel Hempstead, Scunthorpe and Wrexham.
The news comes after the US owner of accessories and jewellery store Claire’s, which also has a prominent High Street presence, said it secured a buyer after filing for bankruptcy, suffering from higher costs in its supply chain.
Poundland recently avoided collapsing into administration after its turnaround plan was approved days before the chain was due to run out of money.
Nick Holloway, managing director at Interpath and joint administrator, said: “These remain challenging times for high street retailers as rising costs and reduced consumer spending continue to weigh heavily on trading.
“Unfortunately for Bodycare, which was also contending with a significant funding gap and increasing creditor pressure, these challenges proved too difficult to overcome.”
