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Faith shoe chain falls into administration

In a bitter blow for the UK retail sector it was announced last night that Faith shoes has collapsed into administration with 1,800 jobs now under threat. It is believed that the administrators were called in after the company's debt was sold on and the future became untenable for the well-known chain. With 78 stores and 120 concessions, mainly in Debenhams, the owner of the business is known to have been trying to sell-on the operation over the last few weeks with no success.

It is believed that a number of parties had shown an interest in the operation but weeks and weeks of negotiations and behind-the-scenes talks prior to the administration have as yet proved unsuccessful. The shoe sector of the UK retail market has come under increasing pressure over the last few weeks and we have seen a number of well-known operations already fallen by the wayside. Even though the UK economy is showing sporadic signs of recovery the trend of companies moving to administration is set to continue for some time to come due to a number of reasons.

Life on UK high street is not only difficult because of the recession but difficult because of the trend which has seen more and more people buying their products online, putting off-line margins under pressure.

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