Chairman the only bidder for Mosaic Brands

Noni-B stores are being closed under the collapse of Mosaic Brands. Picture: Steven Saphore

Speculation is mounting that Mosaic Brands has received just one credible bid – from its chairman, Richard Facioni.

It comes after voluntary administrator FTI Consulting announced it would close 160 stores and end the once popular Katies brand that began in South Australia.

All 80 Katies stores will be closed after the company moved into voluntary administration in October.

More stores from its other brands, including Millers, Rivers and Noni B, will also close.

Based on the level of interest in the latest bidding phase, some wonder whether there is any future for the company.

KPMG is the receiver, while FTI Consulting is the voluntary administrator.

Mosaic had about 2700 employees and more than 700 stores nationwide, but took steps to downsize its operations to stay afloat before entering voluntary administration.

On September 30, it exited the Rockmans, Autograph, Crossroads, W.Lane and BeMe brands and closed 200 stores as it focused on “five core growth brands”.

Mosaic chief executive Erica Berchtold said in October that the company could reverse its flagging fortunes by reshaping the business.

Voluntary administration appointments rose 14.5 per cent in the 2024 financial year to 1492, and 120 per cent from 2023.

In the September quarter there has been a 5 per cent rise to 392.

Mr Facioni, a former Macquarie banker, runs ACTA Capital, which co-manages Alceon Group’s investment in Mosaic Brands.

ACTA Capital also has Alquemie, a retail investment platform with a portfolio of owned and licensed brands, including SurfStich, LEGO Certified Stores, Ginger & Smart and National Geographic Wear.

Alquemie was formed from the initial acquisition of EziBuy in July 2017.