British high street beauty chain Bodycare has appointed administrators to find a buyer.WHO: UK-based Bodycare was founded in 1970 by Graham and Margaret Blackledge on a market stall in Lancashire and has grown to 147 stores across the country, employing 1,500 people. It sells brands including Nivea, Olay, Elizabeth Arden, and L'Oréal across categories such as cosmetics, skincare, haircare, fragrances, and wellness.WHY: The company was profitable before the COVID-19 pandemic but has since struggled amid rising running costs and high inflation levels. A shortfall in funding occurred after aborting a planned stock market listing last year, impacting supplier relationships leading to stock shortages.IN THEIR OWN WORDS: Nick Holloway, joint administrator and Managing Director at Interpath, said: "These remain challenging times for high street retailers as rising costs and reduced consumer spending continue to weigh heavily on trading. Unfortunately for Bodycare, which was also contending with a significant funding gap and increasing creditor pressure, these challenges proved too difficult to overcome."DETAILS:Bodycare appointed administrators from Interpath Advisory, who are looking at a potential sale of the business and its assets.The majority of its stores will continue to trade as usual while it explores options.Thirty-two stores will close immediately, resulting in the redundancy of 450 staff.The Bodycare website currently reads "Sorry, the shop you are looking [for] is closed right now, please try again later." Bodycare has secured a £7 million debt facility against retail inventory, giving it some time to address its financial situation.