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Faith suppliers threaten stock removal

A group of major footwear suppliers have arrived at Faith’s London head office to demand their stock back amid growing uncertainty about the future of the young fashion footwear chain.

Several suppliers contacted Drapers this afternoon and said they had organised lorries to collect stock from Faith’s stores and concession business in Debenhams under retention of title rights.

Seven suppliers are currently camped at Faith’s Acton office. They represent somewhere between 70% and 80% of Faith’s total stock holding and claim to be owed about £10m collectively by the high street chain.

Suppliers believe the business has been sold to restructuring specialists Hilco, although sources close to the situation said a deal had still not been finalised. However a sale is expected to be completed by advisers Grant Thornton by the end of today.

Derry Curry, owner of supplier Park Lane shoes and a representive of the supplier group, said: “They have been leading us along and we are very angry.”

Marta Jonsson, owner of Logo 69, said: “We are organising lorries to pick up our goods. We are going to take everything out of the Debenhams stores.”

It remains unclear whether the business has a future in its current format.

Faith chief executive John Kinnaird told Drapers this afternoon: “I’m not in the office. They’re going to get an update.”

 

 

 

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