Axe falls on half of Body Shops

The Body Shop is closing nearly half of its 198 stores and cutting 300 jobs after falling into administration. Immediate closures include seven branches, with more to follow in months. Administrators plan to reduce head office staff by 40 per cent. Last month, the direct-selling channel, Body Shop at Home, was shut down. Founded by Anita Roddick in 1976, the chain was sold to L’Oréal in 2006 and later Private the equity investor Aurelius, who bought it for £207 million in November and discovered worse-than-expected finances.