The Body Shop owner has given interested parties until October 23 to submit their offers to buy the ethical beauty retailer.
Retail Week reported that Morgan Stanley, which is managing the sale for Natura&Co, has set a final deadline to get the process moving.
It comes as no formal offers were submitted for the retailer during the first round of non-binding bids, which expired on September 11.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Lloyds Pharmacy owner Aurelius Group joined Waterstones owner Elliott Advisors and private equity firm Epiris in the running to buy The Body Shop.
However, it is understood that some potential bidders have been put off by The Body Shop’s hefty £500m price tag.
Natura&Co put the retailer up for sale last month as the group looks to return to stable ground after posting six consecutive quarters of losses. It follows its sale of Aesop to L’Oréal for £2bn back in April.
Executives told analysts last month that The Body Shop had weighed on the company’s bottom line as consumers shifted spending following the pandemic.
Click here to sign up to Retail Gazette‘s free daily email newsletter
