The premium supermarket chain St. Marche made its sale official for Chilean retailer Cencosud. The announcement occurs simultaneously with request for judicial recovery of the Brazilian companyfiled with the São Paulo Court on Wednesday (24).
The deal now depends on court approval of the judicial recovery plan. St. Marche, which was already undergoing an extrajudicial recovery process with debts estimated at R$530 millionsaw its financial situation worsen due to the pressure from creditorswhich motivated the sale.
An important point of the agreement highlighted by Cencosud is that the acquisition of the 32 stores will be made without the transfer of financial debts to the Chilean group. The operation guarantees that the units incorporated into the international giant’s portfolio are debt freeprotecting the buyer’s cash flow.
Recently, the São Paulo network had received a contribution of R$90 million from an American fund and the bank BTG Pactual, but the amount was not enough to stop the crisis.
