The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.In an April 8 affidavit filed in a Toronto court on Monday, the head of the retailer's Canadian operations said he has seen a "sufficient level of interest" in the business from parties to believe the company should pursue a sale.
Searle previously alleged in court documents that the parent company and its owner, European private equity firm Aurelius, of stripping the Body Shops' Canadian arm of millions in cash and pushing it into debt, which forced it to file for creditor protection. "Due to the robust sales, the company's stores are facing the imminent risk of running out of core merchandise in the coming weeks, which would force it to close otherwise profitable store locations," Searle said in his affidavit.
Searle's affidavit says the extension will give the Body Shop Canada "the requisite time to further its inventory replenishment efforts" and continue engaging with its parent company and others with "the goal of facilitating a going concern sale of the business." Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
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Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.The head of the TTC is warning of possible impacts to service on Monday if the union representing a group of more than 650 electrical and trades workers moves ahead with a strike.A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
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