Cosmetics chain closes more than twenty stores
Company has entered administration
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A major cosmetics chain has abruptly closed more than twenty stores because it is on the brink of collapse.
Body Catalyst will permanently close 26 stores a month after the company went into receivership.
The beauty chain owes $5.3 million to unsecured creditors and another $3.2 million to unsecured creditors.
Creditors voted at a meeting Tuesday to liquidate the shuttered clinics.
The fate of the company’s 16 remaining clinics hangs in the balance and will be decided at a second creditors meeting next week.
As many as 85 employees will wait an anxious few days to see if they still have a job.
According to administrators WLP Restructuring, Body Catalyst owes $5.3 million to unsecured creditors and a further $3.2 million to unsecured creditors.
The cosmetics chain operates in NSW, Victoria and Queensland, as well as New Zealand.
More to come
Alan Walker and Glenn Livingstone of WLP Restructuring will meet with creditors on December 19 to discuss the financial viability of Body Catalyst.