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The Aurea Group and several investors are expected to acquire The Body Shop after it announced its bankruptcy earlier this year.

Retail Dive reported that the consortium was set to buy the beauty retailer for an undisclosed amount.

It is understood that the transaction would be completed "in the coming weeks" following a period of due diligence.

The Guardian reported that the new Body Shop management team would be headed by former Molton Brand and Emo Laszlo CEO Charles Denton.

In a joint statement Wednesday (July 17), the company's administrators and Aurea Group said that, upon completion of the deal, would represent the "best outcome" for the company's creditors and would "ensure [its] long-term success."

The Body Shop Comes Back From the Brink

VCPost previously reported that The Body Shop ceased its operations in the United Kingdom, the United States, and Canada due to financial issues, which resulted in thousands of jobs becoming redundant. The company filed for bankruptcy after months of exploring strategic alternatives.

Prior to its current status, The Body Shop was founded by environmental and human rights campaigner Anita Roddick in 1976. The company has since traded hands, from L'Oréal to Natura & Co. to Aurelius, which owned the retailer for three months prior to filing for bankruptcy.

With Aurea Group now controlling The Body Shop, its executives Mike Jatania, Paul Raphael, and Andrew Vagenas said that it would combine the "discipline" of a private equity firm while maintaining the "long-term mindset" of a family business.