Mazars, the administrator handling the beleaguered footwear chain Faith, has rejected two bids to acquire the business and has shut down 44 of its standalone stores.

The administrator sent out in excess of 23 information packs to interested buyers, thought to include former owner John Kinnaird and footwear supplier Logo 69, but confirmed today that it had received just one formal bid and one verbal bid after the offer deadline passed on May 7.

Heath Sinclair, a partner at Mazars, said both bids had been rejected for being too low. He added that he did not expect either party to revise their offers. He declined to disclose the names of the bidders or the value of their offers.

Sinclair said that Mazars was now moving forward with an “asset realisation phase”, which will see stock sold off and all stores and concessions closed over the coming weeks. The chain has closed 44 of its 78 stores as of today.

Faith also has about 150 concessions at Debenhams stores which is thought to be the most profitable part of the footwear group’s operation. The department store has a change of ownership clause in its contract, which means it has a strong say over the future ownership of the business. Debenhams itself is believed to be keen to buy the brand name to run as an own label footwear offer and the department store remains the favourite to buy the brand name.

Sinclair also said that Mazars had reached an agreement with seven suppliers that were demanding their stock back under retention of title agreements. The members of the consortium, which also included Logo 69 plus Park Lane Shoes, are understood to have made individual arrangements depending on the terms of their contracts. It is not known whether the suppliers have taken back their stock or received a financial payment in return for their goods.