Retailer The Body Shop has pulled out of BodyShop Digital, its joint internet venture with Softbank Technology Ventures.
The company will pay Softbank $6m for the assets and development work that went into BodyShop Digital, which will result in a new share issue of up to four million new shares.
The Body Shop said it will instead take its ecommerce operations in-house. The firm plans to integrate its online arm with existing retail and mail order operations to reduce costs, and will then launch a new ecommerce venture in the US in the second half of 2001.
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