Faith collapses into administration
Friday 23 April 2010
The 78-store footwear chain Faith and its holding company have collapsed into administration yesterday, putting more than 1,700 jobs at risk. Faith, which also has 120 concessions, mainly in Debenhams, had hoisted the for-sale sign last month but failed to achieve a solvent sale and appointed the accountancy firm Mazars as administrator yesterday.
Heath Sinclair at Mazars said: "We are currently liaising with interested parties in an attempt to facilitate a going concern sale. We will be working closely with the businesses' stakeholders in an effort to preserve a well known retail brand."
Debenhams is likely to take a keen interest in the sale process, given the substantial presence Faith has in its stores. It is thought that Hilco, the restructuring specialist, did a deal earlier this week to buy out the debt of £14m that lenders and investors had in the group.
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