UK: Faith in administration
Faith confirmed the news today (22 April)
UK shoe chain Faith has entered administration, just-style can confirm.
It follows press rumours earlier today that the company was to appoint accounting firm Mazars as administrators.
A spokesperson for Mazars confirmed the news to just-style this afternoon (22 April).
Owner FEC Holdings Limited and its principal trading company Faith Shoe Group Limited appointed Heath Sinclair, Rod Weston and Mike Wellard of Mazars as joint administrators.
FEC said the business has been marketed for sale for a number of weeks, however it became apparent that a solvent sale was not possible, it said.
The administrators said they hope to take forward the existing sales process and are currently actively liaising with those parties who have expressed an interest in acquiring the business.
Heath 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.”
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