Body Shop sale: Stores closing, 100 jobs cut [Video]

TORONTO –

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.

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

“Fingers crossed and wishes for success,” Osborne said to Serruya before concluding the brief hearing.  

The private equity firm is led by the co-founder of Yogen Früz and has invested in automotive, real estate and fast-food businesses including St. Louis Bar and Grill, Second Cup and Swensen’s. It has not responded to requests for comment.

The Body Shop Canada will be a new kind of foray for the firm, which lawyers told Osborne is “sophisticated” and well-positioned to take on a beleaguered retailer.

The Body Shop Canada started shopping itself around in July. It filed for creditor …