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, a judge allowed the cosmetics retailer to proceed with a sale to an affiliate of Markham, Ont.-based Serruya Private Equity Inc.The Body Shop is selling the majority of its business to an affiliate of Serruya Private Equity Inc., which has invested in automotive, real estate and fast-food businesses.
"Fingers crossed and wishes for success," Osborne said to Serruya before concluding the brief hearing. 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. As part of the acquisition, lawyers say about 600 employees, including 100 seasonal workers, will be issued termination notices, but roughly 500 will be rehired by the new owner.