Faith in administration

Footwear retailer Faith has gone in to administration, Retail Week has learned.

Heath Sinclair of Mazars was appointed administrator to the business today, which Retail Week's sister title Drapers revealed yesterday has been teetering on the brink of collapse.

Faith employs about 1,800 people and has 78 stores and 120 concessions, with the majority of its concession business in department store chain Debenhams.

A statement from Mazars is expected this afternoon.

Yesterday, angry suppliers camped out at the head office of Faith's 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.

The administration could lead to a sale of all or parts of the business.

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.