Faith may go into administration

[Mellijelli]

Yet another company thats going under and what used to be a very successful one too.

Press Association (http://www.google.com/hostednews/ukpress/article/ALeqM5jlcbo-aKLAMXN7yyDX8jv73ZFlxw) reported that there are fears over nearly 2,000 retail jobs (http://www.careersandjobsuk.com/retail-jobs) to be lost as well known fashion footwear brand Faith are ready to go into administration :eek:

With a debt of some £14 million no wonder? The company employs 1800 staff, so again MORE jobs (http://www.careersandjobsuk.com/) also going to be lost now, they have around 80 retail branches throughout the UK and more than 100 concessions within Debenhams, Topshop Oxford Street and other independent retailers.

My question is WHY have all these people accumulated so much debt, how do they let it get so out of control in the first place??, its astounding to me.

[Dark Phoenyx]

I dont get it really. I guess there could have been many factors. bad planning, not making enough of a profit to sustain the 1800 odd employees.

I really think that companies should have some sort of fund started maybe, so that if things get rough, they can still pay staff untill things pick up.

Dont you think that would be a better alternative?

[Mellijelli]

I dont think anyone thought of a plan B if something like this were to happen to them, being a big franchise you probably thing you have made it big and thats the way it will continue.

I dont think anyone was prepared for this recession at all it just hit them in the face and now they are having to deal with the repercussions of it all, just a pity that everyone is loosing jobs left right and centre and there is nothing that the company can actually do to keep them on with debt as big as that.

[Dark Phoenyx]

I dont think anyone thought of a plan B if something like this were to happen to them, being a big franchise you probably thing you have made it big and thats the way it will continue.

I dont think anyone was prepared for this recession at all it just hit them in the face and now they are having to deal with the repercussions of it all, just a pity that everyone is loosing jobs left right and centre and there is nothing that the company can actually do to keep them on with debt as big as that.

That i can believe. If anything it just shows that companies should really plan ahead for any and every circumstance. Dont you agree?

[Mellijelli]

Yeah i think everyone has learnt a few lessons out of this recession, its been a bit of a wake up call, pity no one was prepared for it though :confused:

[Dark Phoenyx]

I agree, I wasnt ready for it at all. And theres nothing we can do, but weather through it. And i think were doing ok so far. Ive read about so many jobs being lost, but in the same breath read about more jobs being created.

Id be a lot more worried if none was created, and unemployment got out of hand.

[Mellijelli]

There are jobs being created yes but not enough to cover the job losses going on, unemployment is far outweighing employment numbers and new jobs (http://www.careersandjobsuk.com/), a lot more has to be done before we can safely say things are back to normal again :(

[SallyA]

Wow that is a shocker! I read this and didn't believe you so i went to their site and got this - http://www.faith.co.uk/

You cannot order online as it says they have gone into administration and to go into one of their stores to make any orders! That is quite shocking I never saw that one coming!

Now I wish I had the money to go and buy some shoes from them!!!! :(

On a serious level though I do feel for all the people that work for them! That is a lot of jobs! I wonder who will take their place in the market?

[Dark Phoenyx]

I saw that as well. Its definately a shocker. good thing tho, you can go shoe shopping and get a few great bargains in store, ey sallyA.

but from a different point of view, i think im gna be rehashing views from previous posts, but i think it all boils down to good or bad planning. Ive seen so many other stores that when they should actually be closing down, theyre doing so well, there expanding. Eg, Franks, the carpet store.

People buy shoes more often than they buy a carpet, so how would it be that a store like franks is expanding, while faith is closing down.

[SallyA]

I saw that as well. Its definately a shocker. good thing tho, you can go shoe shopping and get a few great bargains in store, ey sallyA.

but from a different point of view, i think im gna be rehashing views from previous posts, but i think it all boils down to good or bad planning. Ive seen so many other stores that when they should actually be closing down, theyre doing so well, there expanding. Eg, Franks, the carpet store.

People buy shoes more often than they buy a carpet, so how would it be that a store like franks is expanding, while faith is closing down.

Good point there and to be honest it surprised me as they always "appear" to be doinf so well! Oh well what can we do hey?

I thought I would pop into town over the weekend and check it out and considering they are closing down they only have 10% off! Its not the best deal really! Needless to say I didn't get anything hehe!

[Dark Phoenyx]

Precisely. I mean you can only hide a problem for so long untill it tkes over and everything is spilled to the public.

youd think theyd have a bigger discount than 10 percent for sure. but maybe its a sign of exactly how badly they are doing? maybe they can only afford to lose that ten percent.

[Mellijelli]

I was going to say that exact thing, they probably cant give a bigger discount on closing down sales as they need to get rid of the stuff but not give it away, if they dont get the stuff sold they will probably have to increase the 10% to something more, then you can go back Sally :)

[SallyA]

I was going to say that exact thing, they probably cant give a bigger discount on closing down sales as they need to get rid of the stuff but not give it away, if they dont get the stuff sold they will probably have to increase the 10% to something more, then you can go back Sally :)

Hehe yes i will be keeping an eye on the store! LOL