Faith shoes in administration

Faith shoes, the 78-store footwear chain have collapsed into administration. As one of Britain's largest footwear companies, more than 1,700 jobs are at risk.

Faith, which also has 120 concessions, mainly in Debenhams, failed to achieve a solvent sale and appointed the accountancy firm Mazars as administrator, reported the Independent.

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.

Faith holds a unique position on the high street with its inspirational catwalk inspired collections of fashion footwear and accessories. Faith recently won the best footwear award for 'Sexiest Heels' in the Cosmopolitan Fashion Awards 2010.