Faith in administration !!!!

11 replies
Found 25th Apr 2010
Dont know if this is news to you but certainly was news to me and not good news either :o(

Heath Sinclair, Rod Weston and Mike Wellard have been appointed as joint administrators to the business, which, as Retail Weeks sister title Drapers revealed yesterday, had been teetering on the brink of collapse.

A statement issued by administrators Mazars today said that Faith hit the buffers as a result of being over-leveraged. The administrators are seeking a going concern sale of the business after it went into administration today.

The administrators said that although the business had been marketed for sale for a number of weeks, it could not achieve a solvent sale.

Mazars said it hopes to go forward with the existing sale process and is liaising with parties which have expressed an interest in acquiring the business.

Sinclair said: We are currently liaising with interested parties in 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. We are in the process of communicating with all staff, concession partners and suppliers, and will seek to keep them updated as the process develops.

Yesterday, angry suppliers camped out at the head office of Faiths owner John Kinnaird threatening to pull stock from stores and concessions and demanding payment for stock after hopes of a sale of the business were dashed.

Unconfirmed reports today said that restructuring specialist Hilco has bought out the £14m of debt of investors and lenders in Faith.

Debenhams, which bought the Principles brand from administration, will be eyeing the Faith situation closely. One source said Debenhams could possible buy the Faith brand to bolster its own-brand footwear offer.
- choc1969

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11 Comments

oohhhhhhh......cheap shoes :oops::whistling:

Banned

for a second I thought it was a thread about a new mod:w00t:

Banned

What news?

Bad times, I bet Debenhams buy it up though.

damn, no faith near me

never heard of them before

choc1969;8455339

oohhhhhhh......cheap shoes :oops::whistling:



^^^that !!!!!!!!!!! They were great for shoes :-(

Shame, they were a good store with good service according to OH.
So much for the recovery according to Brown.

Jonnnboy;8455604

Shame, they were a good store with good service according to OH.So much … Shame, they were a good store with good service according to OH.So much for the recovery according to Brown.



:thinking:

Yeah, my gf told me earlier. A real pity, she liked shopping in there, was actually able to snag a few bargains on some nice shoes.

It might not disappear completely, if Debenhams buy it up they will keep the concessions like they did with Principles.
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