Down but not out: bidders circling cosmetics king Napoleon Perdis


«I’m glad that they’ve been able to get all the bids that they’ve been able to get. The bids are multiple and competitive and it is exciting.»

Worrells said in addition to the formal bids already submitted, it also expected to receive a deed of company arrangement from the company’s directors, reported to be in partnership with another insolvency firm, Ferrier Hodgson.

If accepted, the deed of company arrangement would essentially put the company back into the control of its current directors, which the company’s website lists as being Mr Perdis, his wife Soula-Marie and his brother Emanuel.

Mr Perdis said there had been an outpouring of support since the company had been put into administration.

«The brand is really hot,» he said.

Worrells said it was still restructuring Napoleon Perdis to improve the business and that the bids would be finalised over the next two weeks.

«The administration’s prospects have been promising from the outset and the success of expression of interest campaign is clear evidence of the brand’s value and market relevance,” Worrells administrator Simon Cathro said.

Napoleon Perdis is the latest in a long line of retail chains to go into administration in Australia, but the company was also hit with a lawsuit from its former general manager in the Federal Court last year alleging underpayment and bullying.

The administrators said the NSW Supreme Court had extended the company’s creditors’ time to select a winning bid until early June.




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