The Body Shop, which has stores in Bolton, Bury, Oldham, Blackburn and The Trafford Centre, was taken over recently by Aurelius for £207million.
But now it has been reported in multiple outlets including by the BBC and Sky News it could soon begin to close down stores.
The move would likely result in a focus on digital sales.
The store was founded by Dame Anita Roddick who would sell it in 2006 for £652million to L’Oreal.
L’Oreal went on to sell it to Natura&Co in 2017.
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Among its locations in the north west include The Market Place Shopping Centre, Bolton, The Mill Gate Shopping Centre, Bury, The Spindles Shopping Centre, Oldham, The Mall, Blackburn and The Trafford Centre.
Sky News has reported FRP Advisory has been brought in to handle an insolvency process for its UK operation.