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Faith goes up for sale

faith_forsale.jpgAnd now for a bit of shoe business news... Faith has been put up for sale after Barclays, the company's bank, was forced to employ financial specialists to run a fire-sale of the business.

The drastic measure was implemented as Barclays is owed £25m by Faith, and declined Bridgepoint's (Faith's private equity owner) offer of a debt-for-equity swap.

It is believed that the struggling UK footwear chain has been hit badly affected by a poor economic climate. Sadly, as many as 100,000 jobs could be on the line by the end of next year.

Related: Light grey Stogo ankle boots from Faith | 'Aikiko' satin ballet flats from Faith

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Posted by Kimberley Foster on August 18, 2008 5:00 PM | Comments (0) | digg.gif digg this | delicious.gifdel.icio.us this | stumble.gifStumble It!

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