A major wellness chain has closed more than 20 stores, a month after administrators were appointed to the business.
Body Catalyst passed a resolution on January 16 to wind up operations at 26 locations.
The company marketed itself as Australia’s largest and leading body shaping and wellness company with stores across the country.
Its website now lists 16 locations remaining in NSW, Queensland and Victoria.
Alan Walker and Glenn Livingstone from WLP Restructuring were appointed administrators of the company on December 11.
“Today we entered into voluntary administration,” Body Catalyst found Samantha Barakat Light said last month.
“Our desire and intention is to come out on the other side with a stronger, more robust business that will continue long into the future.”
Barakat Light said it was with a “heavy heart” that the company decided to enter voluntary administration.
“The challenging economic landscape characterised by 13 interest rate rises over the past year, decreased consumer spending, and escalating operating costs has forced us to re-evaluate our business structure.
“This difficult decision was made with the long-term sustainability of our company in mind.
“Despite these challenges, we are determined to emerge stronger and more resilient.
“As part of our commitment to a brighter future, we are reorganising our operations to create a leaner and more efficient business model.
“This restructuring will enable us to refocus on delivering high-quality services to our clients in key locations, while navigating the changing economic climate.
“We appreciate the support of our loyal clients and partners during this transitional period, and we look forward to serving you with renewed vigor and commitment in our refined and revitalised business model.”
(7 NEWS)
