New York (CNN) — The Body Shop has shut down all of its US-based operations and will be closing dozens of Canadian store locations as it files for bankruptcy. High inflation in recent years has hurt traditional retailers, particularly those like The Body Shop that predominantly operated out of malls and were aimed at the struggling middle class. Since its inception, The Body Shop has changed hands several times. Late last year, The Body Shop was sold to asset management group Aurelius for about $266 million. CNN has reached out to The Body Shop and Aurelius for comment.

Source: CNN March 11, 2024 02:53 UTC