Faith has lost faith.

Well almost, the major shoe retailer who we have all grown to love has gone into administration. It seems this recessions main aim was to take all of our favourites away from us (I still tell people to buy things from Woolworths!).

They have been trying to sell up for a few weeks now, but haven't managed to get a solvent deal. They aim to be able to keep the brand afloat and sell to someone who will keep Faith as Faith. I personally think they should have cut their prices a while ago but who am I to make such bold business statements such as that.

Anyhoo lesson time! What does it mean when a business goes into administration. Well first thing you need to know is that it is NOT the end of the road. If a company gets into a situation where their finances are really really not working for them, they cannot stay afloat but they are not quite at the stage where they will go into liquidation, they can carry on trading for a little longer in the hope that they can improve.

Any creditors can now claim money that they are owed from the company, I won't go into which creditors get priority and all that, you may actually fall asleep. Administrators are appointed (by the bank or the courts) to sort through all the little details, and hopefully at the end, there is money left over and the company can kind of start working its way up again.

Their website doesn't even work anymore :( but you can still get concessions and asos faith products. A moment of silence in memory hope for Faith...