Background
Faith Shoes was a premium retailer of footwear and accessories in the UK and Ireland. The business operated from 78 standalone stores, 126 department store concessions and a transactional website, turning over £72 million at its peak.
The business suffered from challenging trading conditions during the 2008 economic downturn and entered administration. Despite being acquired by a new management team who sought to negotiate reduced rental costs, revitalise the brand and refurbish flagship stores, the business continued to lose money and was under threat of receiving a winding up petition from its creditors.