Latest news with #DanielStoneman
Miami Herald
09-04-2025
- Business
- Miami Herald
Bankrupt retail chain suddenly closing all stores
Stop to consider, for a moment, the last time you shopped for personal care products. It was probably a pretty routine instance in your life. Related: Iconic retail chain closing nearly 500 stores Maybe you were at your local Walmart, CVS, or Costco, and you picked up the things you needed from the brands you were familiar with. Or maybe you couldn't have been bothered to pick it up at a big box store and instead got it delivered from an online giant like Amazon. It's probably safe to assume, however, that you didn't swing by your local mall to get your lotion, body wash, bars of soap, or other personal care items. Image source:Malls used to offer something of a pilgrimage for the average American consumer. At the height of their popularity, around the 1980s and 1990s, the average consumer spent about 12 hours per month inside indoor shopping malls. Since most malls are between 400,000 and 800,000 square feet, some of that time was probably spent just walking around, marveling at all the shopping options available to us. More closings: Another struggling mall retail chain closing more storesStruggling supermarket chain closes more locationsPopular bank closing dozens of branches (locations revealed) This is partly why malls used to be able to charge their tenants outsized rents. Malls attracted outside foot traffic, and most of those folks were at the mall to spend money. Getting access and proximity to shoppers who were already prepared to spend money was good for business. Malls may have once been the best way to get access to dozens of different stores, but now, there are far more convenient ways to shop. If you've got an internet connection, you've got access to countless retailers - who often run sales and discounts - and you don't even need to leave your home. This may be a fortunate change for consumers, but it's an unfortunate case for some retailers who relied heavily on malls for business. One such retailer is The Body Shop, which filed for bankruptcy in U.S. and Canada in March 2024. The mall retailer, which sold mid- to high-end lotions, soaps, and other personal care products, had been struggling financially as mall foot traffic declines. And now, The Body Shop New Zealand is liquidating and closing all stores in the country permanently. Related: Walmart, Kohl's raise alarm bells about a growing threat About 70 jobs will be lost in the process, and 16 stores across New Zealand are expected to close. The Body Shop NZ's website is no longer operational for sales. "Thank you for your loyal support of The Body Shop New Zealand," the site reads. "As of January 22, 2025, Daniel Stoneman and Neale Jackson of Calibre Partners have been appointed as Joint and Several Voluntary Administrators of The Body Shop New Zealand Limited. All retail locations are now permanently closed, and our online store is no longer processing orders." The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
03-04-2025
- Business
- Yahoo
Body Shop NZ enters liquidation with store closures and job losses
Cosmetics and beauty retailer The Body Shop's operations in New Zealand have entered liquidation, resulting in the cessation of all storefront operations and the loss of 70 jobs. An announcement on The Body Shop's website confirms that all bricks-and-mortar locations have ceased operations indefinitely, and the online store has halted order fulfilment. A statement on the website reads: "We extend our heartfelt gratitude to our valued customers for your unwavering support throughout the years. Your passion for our products and ethical values has meant everything to us." Official records from the New Zealand Gazette indicate that the liquidation process commenced on 27 March 2025, with Neale Jackson and Daniel Stoneman from Calibre Partners as its liquidators. The website states that: 'the undersigned does hereby fix 15 April 2025 as the date on or before which creditors of the company are to make their claims and to establish any priority their claims may have under section 312 of the Companies Act 1993'. Signals of distress were evident in January when The Body Shop NZ engaged voluntary administrators. It disclosed that efforts to find a purchaser for the New Zealand division had been unsuccessful, leading to initiatives aimed at selling off inventory and dismantling business activities. The company maintained a network of 16 retail outlets, employing 70 full-time staff, as reported by Radio New Zealand. According to the initial liquidation report, the company's total liabilities exceed $12m. The company possessed cash assets exceeding $2m, which are subject to the final costs of administration, as reported by local news media website Its parent entity in the UK avoided a similar fate in September 2024 when Aurea Group acquired its 113 UK stores and assumed control over its Australian and North American holdings. The Body Shop UK business was placed into administration in February 2024. "Body Shop NZ enters liquidation with store closures and job losses" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
