Around 100 people to lose jobs at The Body Shop Canada [Video]

An Ontario court has given The Body Shop Canada the approval it needs to sell the majority of its business to a private equity firm.

In a hearing, Justice Peter Osborne allowed the cosmetics retailer to proceed with a sale to an affiliate of Markham, Ont.-based Serruya Private Equity Inc.

Court documents show 59 properties owned by The Body Shop Canada will be purchased by Serruya. The Body Shop Canada had 72 stores earlier in the year and lawyers acting on its behalf say those not acquired will be liquidated after the deal closes Monday.

By the time the transaction closes, documents say about 600 employees, including 100 seasonal workers, will be issued termination notices, but roughly 500 will be rehired by the new owner.

Serruya Private Equity Inc. is led by the co-founder of Yogen Früz and has invested in St. Louis Bar and Grill, Second Cup and Swensen’s.

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