(Bloomberg) -- The Body Shop is preparing to close almost half of its 198 UK stores after the retailer's British operations fell into insolvency last week.
Administrators FRP Advisory concluded the current store portfolio is not viable and seven stores will close immediately, according to a statement on Tuesday, including sites on London's Oxford Street and in Canary Wharf.
The company will focus on its online and wholesale sales, while more than 300 jobs are set to be cut in the company's head office.
The Body Shop was founded in 1976 by animal rights activist Anita Roddick, beginning with a small store in Brighton on England's south coast. It became popular for selling cosmetics and hygiene products that were not tested on animals but the business has struggled to compete with rivals and has been unprofitable for years.
The company's UK business entered administration last week after private equity firm Aurelius agreed to acquire the retailer in November from Brazilian cosmetics conglomerate Natura & Co. in a deal that valued The Body Shop at £207 million ($262 million).
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