KPMG has to find a buyer for the first high street casualty of the credit squeeze, as shoe chain Dolcis fell into administration today, with 1,200 jobs on the line.

The chain, with 185 stores issued several profit warnings since Christmas and is also understood to have defaulted on its rent bill in the last month.

The group, bought by private equity group Epic Structured Finance fo £2,7m last year, gave notice four weeks ago of the possibilities of appointing administrators.

KPMG restructuring partner Brian Green said today he was 'hopeful' a buyer would be found, the Times reported.

'There are, however a significant number of positive factors about this business to make it an attractive acquisition,' he said.