PETERBOROUGH-Five people will be out of work as The Body Shop in Peterborough is one of the locations that will be closing.
The Body Shop Canada announced Friday it will close 33 of its 105 stores. It will also be closing its online operations and it files for bankruptcy and looks to restructure. The Canadian branch had 784 workers and around 200 will be laid off by the end of March, according to the court documents. Twenty head office employees and two contractors had their employment terminated last Friday according to CBC.
Staff at the Peterborough store told Kawartha 411 News that the store is scheduled to close on March 23 but it may have to close sooner as stock is getting low.
Court filings on Monday appear to show the Canadian stores were doing well but something called “cash pooling” with American and British stores resulted in a worsening of the financial situation for the Canadian company.
According to the CBC the U.S. affiliate had “full control” of The Body Shop Canada’s inventory, human resources, accounts payables, cash management and information technology.
The company has been in Canada since 1980.
