The Casas Bahia store in a shopping mall in São José dos Campos is closed. Sarah Brito/g1 The Casas Bahia group reported, on Sunday night (16), that it filed a request for judicial recovery with the Bankruptcy and Judicial Recovery Court of the Central Civil Court of São Paulo, citing a context of deterioration in the financial conditions faced by the retail group. According to a relevant fact, Casas Bahia declared that it was impacted, among other factors, by the "challenging macroeconomic environment, marked by high levels of interest rates, credit restrictions, increased financial costs and pressure on consumption and working capital". The group highlighted that the situation was worsened by frustrated fundraising initiatives due to the withdrawal by the anchor investor with whom the company had been negotiating. The recovery order also includes some of its branches, he added.
Casas Bahia files for judicial recovery
The Casas Bahia store in a shopping mall in São José dos Campos is closed. Sarah Brito/g1 The Casas Bahia group reported, on Sunday night (16), that it filed a request for judicial recovery with the Bankruptcy and Judicial Recovery Court...
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According to a relevant fact, Casas Bahia declared that it was impacted, among other factors, by the "challenging macroeconomic environment, marked by high levels of interest rates, credit restrictions, increased financial costs and pressure on consumption and working capital". The group highlighted that the situation was worsened by frustrated fundraising...
- The group highlighted that the situation was worsened by frustrated fundraising initiatives due to the withdrawal by the anchor investor with whom the company had been negotiating.
- The recovery order also includes some of its branches, he added.
- "In this scenario of restricted liquidity, the filing of the request for judicial recovery is necessary and constitutes another step towards the company's financial restructuring," he said.
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"In this scenario of restricted liquidity, the filing of the request for judicial recovery is necessary and constitutes another step towards the company's financial restructuring," he said. Also on Sunday, Casas Bahia recorded a loss of more than R$10 billion in the second quarter, citing the impact of a plan to resize its operations that included the closure of 298 stores.