February 19, 2025

On February 19, 2025, the Court granted an order (the “Claims Procedure Order”) approving the claims process whereby persons who assert a claim against Old TBS Canada Limited (f/k/a The Body Shop Canada Limited) must file a Proof of Claim with the Monitor or on before 5:00 p.m. (EST) on April 21, 2025 (the “Claims Bar Date”).

Proof of Claim forms and additional information are available here: Claims Procedure Forms

December 16, 2024

On December 16, 2024, the previously Court-approved transaction between Body and Lotion Inc. and the Company was completed, and the Monitor issued the Monitor’s Certificate.

December 13, 2024

On December 13, 2024, the Court granted various orders, including:

• An order (the “Approval and Vesting Order”), among other things, approving the Transaction contemplated by the APA;
• an order (the “Declaration Order”), among other things, relieving the Company, the Monitor, the Purchaser, SPE, and other involved parties of franchise disclosure obligations;
• an order (the “Ancillary Order”), among other things, providing the monitor with enhanced powers for the remainder of the CCAA Proceedings and extending the Stay period until and including March 31, 2025; and
• an order (the “Assignment Order”), among other things, granting the Purchaser all the rights, title, interest, and obligations of the Company under certain Assigned Contracts, as contemplated by the APA.

December 6, 2024

On December 6, 2024, the Company entered into an asset purchase agreement with Body and Lotion Inc. (the “Purchaser”), an affiliate of Serruya Private Equity Inc. (“SPE”) (the “APA”). Under the terms of the transaction, the Purchaser will purchase the majority of the Company’s stores and see a significant portion of employees continuing with the business. The transaction is subject to certain closing conditions, including approval from the Court.

October 11, 2024

Update on the Sale Process for TBS Canada. Capitalized terms used below have the meaning given to them in the Sale Process Order granted by the Court on July 5, 2024.

• Pursuant to the Sale Process Order, the Monitor and TBS Canada are conducting the Sale Process in accordance with its terms, including the milestones set out in the Process Letter (accessible here).
   
• On the Bid Deadline of October 8, 2024, the Monitor and TBS Canada received a number of Bids for the business of TBS Canada.
   
• At this time, TBS Canada, in consultation with the Monitor, is reviewing the Bids received and also working with certain of the Bidders and the UK Purchaser to advance and finalize a potential franchise arrangement as among the parties.
   
• Pursuant to the Sale Process and Process Letter, the selection of a Successful Bid was to occur October 11, 2024, or such later date as may be determined by TBS Canada, in consultation with the Monitor. In accordance with the Sale Process and following consultation with the Monitor, TBS Canada is extending this milestone to allow further time to finalize the terms of a potential franchise arrangement and the proposed acquisition of TBS Canada’s business, and will provide a further update at the appropriate time.

July 5, 2024

On July 5, 2024, the Court granted various orders, including:

• an order (the “Initial Order”), among other things, authorizing under the Companies’ Creditors Arrangement Act, the continuation of this BIA proposal proceeding commenced pursuant to a NOI. Pursuant to the Initial Order, A&M was appointed as monitor of the Company (the “Monitor”);
• an order (the “Sale Process Order”) approving the sale and investor solicitation process (the “SISP”); and
• an order (the “Discharge and Termination Order”) discharging the Proposal Trustee upon the filing of a certificate, terminating this NOI proceeding.

July 4, 2024 

On July 4, 2024, the motion to seek orders appointing Ms. Stephanie Hood as the Representative of terminated employees who were employed by the Company and terminated on or about March 1, 2024 and afterward (the “Terminated Canadian Employees”) and appointing Koskie Minsky LLP as Representative Counsel to the Terminated Canadian Employees was dismissed.

May 30, 2024

A hearing is scheduled for May 30, 2024 in connection with TBS Canada’s proposed extension of the Stay Period for a 45-day period to and including July 12, 2024. In connection with this hearing, the Proposal Trustee served its Fourth Report (dated May 27, 2024) which is accessible here.

Readers are directed to the Fourth Report for an update on TBS Canada’s NOI Proceeding, as well as recent developments related to the UK Administration Proceeding, including recent communications received from the Joint Administrators, which is attached Appendix A to the Fourth Report.

April 15, 2024

On April 15, 2024, the Court granted an order, among other things, extending the time for TBS Canada to file a proposal under the BIA to May 31, 2024.

March 1, 2024

On March 1, 2024, The Body Shop Canada Limited (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3 (the “BIA”) and Alvarez & Marsal Canada Inc. (“A&M”) was appointed as Proposal Trustee of the Company (the “Proposal Trustee”).

Following the commencement of administration proceedings in the United Kingdom by its parent company, The Body Shop Canada filed an NOI to obtain a stay of proceedings to provide additional breathing room while it evaluates its strategic alternatives and implements certain restructuring initiatives. As part of the NOI process, The Body Shop Canada announced that it was immediately commencing liquidation sales at 33 store locations.