Fashion and gifts retailer Joy has fallen into administration.

The young fashion and gifts store which has 28 stores across the UK and employs more than 350 staff appointed insolvency firm David Rubin & Partners on Friday to manage the administration.

The administrators are reviewing the financial position of the company and are negotiating the sale of the business.

Joy is the latest in a line of retailers to go into administration this year.

The quarter rent payment for the next three months was due yesterday leaving many Joy landlords without payment so far.

Last week home furnishings retailer Rosebys went into administration and earlier this month footwear retailer Faith went into administration but some of its stores were rescued through a pre-agreed –pre-packaged administration deal.