Another one bites the dust this morning as British shoe brand Faith announces it’s gone into administration.

The troubled shoe store has been searching for a buyer for the past few weeks but to no avail – could this be the latest label to fall victim to the recession?

Well, possibly, but there’s still hope Faith yet: so long as an investor comes along soon all will be saved, and according to Elle UK, rumours suggest that British department store Debenhams could be hot on the brand’s heels after pulling Principles from its final plummet last year.

Whilst we’re sad at this news, naturally, here’s a small condolence – Faith is offering a 10% discount off everything in stores until further notice. Every cloud, right?

Here’s to hoping it finds a backer soon; as George Michael once said, you’ve gotta have Faith.

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