The Court of Rio de Janeiro ordered the bankruptcy of the Leader Group companies, a traditional state department store chain. According to the decision, the company did not comply with the obligations established by the judicial recovery plan, approved by the General Assembly of creditors in May 2021, when a debt of R $ 1.2 billion was already accumulated.
“The commitment made to the judiciary was not fulfilled, demonstrating, contrary to what was proposed, true economic unfeasibility of the company,” said Judge Leonardo de Castro Gomes, of the 3rd Business Court of the capital, in the decision.
The magistrate also wrote that during the judicial recovery process, several opportunities were granted to the group so that he could fulfill the obligations established by the recovery plan, but all were in vain.
“What is seen in these files is that the entire breath judicially granted to the applicant was in vain, and it can no longer allow it to remain under the judicial seal to practice economic acts in the market, creating losses that may affect the credibility of judicial and economic systems.”
The Leader Group was founded in 1951, in the municipality of Miracema, in the Northwest Fluminense, with stores spread in the capital and in several states of the country. In 2018, it had 104 stores spread mainly in the state of Rio de Janeiro, as well as branches in Alagoas, Bahia, Espirito Santo, Minas Gerais, Pernambuco, Rio Grande do Norte, Sao Paulo and Sergipe.
Agência Brasil awaits the position of the Leader Group on the decision.
