Justice Peter Osborne of the Ontario court expressed optimism for The Body Shop Canada’s future, stating "Fingers crossed and wishes for success" before approving the sale to Serruya Private Equity.
The Body Shop Canada, following creditor protection filings and previous store closures, will now see 59 of its properties acquired by Serruya, which specializes in turning around struggling businesses.
The Body Shop Canada's recent troubles were exacerbated by fierce competition within the ethical-beauty sector, leading to significant store closures and financial difficulties.
Lawyers indicated that while around 600 employees will receive termination notices, about 500 will be re-hired by Serruya, signaling potential stability amid restructuring.
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