Faith has been up for sale for a number of weeks, but administrators Mazars said they were called in after directors realised that a “solvent sale was not possible”.
The sale of the 78-store chain, which employs 362 full time staff and 1,382 part time workers, will now be conducted by the administrator.
Heath Sinclair of Mazars said: “We will be working closely with the businesses’ stakeholders in an effort to preserve a well-known retail brand.”
Faith, which specialises in fashionable women’s footwear, operates 120 concessions within Debenhams, Topshop Oxford Street and other independent retailers.
The administration also affects FEC Holdings, Faith’s parent company.
The move marks the second time in two years that the firm's future has been in question.
A management team led by John Kinnaird, former owner of Dolcis Shoes, stepped in to save the business in September 2008, when the company was once again up for auction.