A Cosmetic Transformation: The Body Shop Canada’s New Venture
In a transformative move approved by an Ontario court, The Body Shop Canada is set to undergo a significant change in ownership. Justice Peter Osborne has greenlit the sale of the majority of the cosmetics retailer’s business to a private equity firm based in Markham, Ont.- Serruya Private Equity Inc.
Key Points of the Sale:
- Serruya Private Equity Inc. is set to purchase 59 properties owned by The Body Shop Canada.
- Out of the 72 stores owned by The Body Shop Canada, those not acquired by Serruya will be liquidated after the deal concludes on Monday.
- Approximately 600 employees, including 100 seasonal workers, will receive termination notices, but around 500 of them will be rehired by the new owner.
Serruya Private Equity Inc.: A New Chapter
The buyer in this transaction, Serruya Private Equity Inc., is led by the co-founder of Yogen Früz and has a portfolio that includes investments in familiar brands such as St. Louis Bar and Grill, Second Cup, and Swensen’s. This move signals a significant shift in ownership and leadership for The Body Shop Canada, promising a new chapter under the guidance of Serruya Private Equity Inc.
From Crisis to Opportunity
The Body Shop Canada’s journey to this sale began in July, when it became evident that a change in ownership was necessary. The company filed for creditor protection in March, closing 33 stores in the process. Blaming its parent company for financial struggles and debt accumulation, The Body Shop Canada sought a turnaround that culminated in this sale to Serruya Private Equity Inc.
In Conclusion:
The sale of The Body Shop Canada to Serruya Private Equity Inc. marks a significant moment in the company’s history. With a new owner at the helm and a host of changes on the horizon, this move promises to redefine the future of the renowned cosmetics retailer. As employees face uncertainty and the company undergoes a transformation, all eyes are on The Body Shop Canada as it embarks on this new venture.
