One of Folkestone’s oldest shops has closed as its parent company became the latest victim of the credit crunch.

Walter and Son, in Sandgate Road, was established in Folkestone in 1849 – but shut last week with staff given just 10 minutes’ notice.

The closure meant four members of staff, two full-time and two part-time, all lost their jobs.

The shop was taken over by Peter Newman Shoes two years ago. Eleven of its 12 branches in Kent and East Sussex have closed, with only the Faversham one remaining open.

A notice on the door of the Folkestone shop tells passers-by that David Harry Gilbert and William Matthew Humphries were appointed joint administrators of Peter Newman Shoes Limited, on February 16, 2009.

A member of staff, who did not want to be named, said: “We went to work as normal for 9am. Ten minutes later we were told 'thanks very much for everything over the years’ and that we had 10 to 15 minutes to pack up our bits. We were very angry at the time, but now just very sad and sorry for the loyal customers who supported the shop.”

The store was emptied at the end of last week.

Town centre manager John Barber said: “It is very sad indeed, it has been there such a long time. There have been five shop closures in this stretch of Sandgate Road in the past six months. But it is happening everywhere, not just in Folkestone. Inevitably there will be some more, I just hope we can contain it to a low number.”

The directors of Peter Newman declined to comment.