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Americanas returned to the center of economic news on 06/25/2026 after a new phase of Operation Disclosure, with nine warrants in Rio and São Paulo, blocking up to R$ 54 billion and investigation into balance sheets, risk sacado, and cooperative advertising funds linked to the retailer’s crisis.
Americanas returned to the market’s spotlight after the Federal Police and the Federal Public Prosecutor’s Office launched, on 06/25/2026, the second phase of Operation Disclosure, an investigation that probes the alleged billion-dollar accounting fraud involving the retailer.
The new stage included nine warrants for search and seizure in Rio de Janeiro and São Paulo, as well as the blocking of assets and values of those investigated up to R$ 54 billion, an amount associated with the estimated loss from the investigations.
New phase targets what was left out of the balance sheets
The second phase of Operation Disclosure has put Americanas back at the center of a discussion that goes beyond the company: trust in corporate balance sheets. The point under investigation is how billion-dollar debts could have stayed off the radar of investors, creditors, and the market itself for years.
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According to the report by O Antagonista, the 10th Federal Criminal Court of Rio ordered the blocking of assets and values of those investigated up to the limit of R$ 54 billion. The amount, according to investigators, corresponds to the estimated loss caused by the frauds identified in the company’s balance sheets.
The measure does not mean a definitive conclusion about responsibilities. The investigation is ongoing and seeks to clarify the extent of the irregularities, the involvement of different agents, and the path of financial information that reached the market.
The case draws attention because it involves one of the most well-known brands in Brazilian retail and a financial volume capable of shaking the perception of security about publicly traded companies in the country.
Risk sacado appears at the center of the explanation
One of the central terms of the investigation is the so-called risk sacado. In retail, this type of operation involves debts with suppliers that are advanced by financial institutions. Instead of the supplier waiting for the payment term, a bank advances the amount and then receives it from the purchasing company.
The mechanism, by itself, is used in the market and does not automatically represent a problem. The issue pointed out by the Federal Police, according to published information, is that such operations might have failed to be properly recorded in Americanas‘ financial statements, concealing the company’s actual indebtedness.
In practice, this could make the company appear less indebted than it was. For investors, creditors, and analysts, this type of distortion changes the perception of financial health, cash generation, risk, and payment capacity.
When a debt does not clearly appear on the balance sheet, confidence in the company’s financial picture is compromised. This effect is what made the case so sensitive for the Brazilian market.
Cooperative advertising funds are also mentioned
Another point mentioned by the Federal Police involves the so-called cooperative advertising funds, known by the acronym VPC. In retail, these resources are usually linked to commercial agreements between suppliers and retail chains for promotional actions, product exposure, or discounts linked to campaigns.
According to O Antagonista, the investigation indicates that these funds might have been recorded without economic backing or with artificially inflated values. The effect, according to the investigation, would be to inflate results and improve the company’s financial appearance in the statements.
This detail is important because it shows that the case is not limited to a single accounting practice. The combination of risk drawn and VPC helps explain why investigators talk about result manipulation and presenting a more favorable financial situation to the market.
In the case of Americanas, the problem escalated because the company was monitored by banks, investors, suppliers, and consumers throughout the country. A distortion of this magnitude affects not just a spreadsheet: it affects credit, investment decisions, and trust.
Bonuses and stock appreciation enter the investigation
The report by O Antagonista states that, according to the Federal Police, former executives of Americanas might have structured a scheme to artificially inflate the company’s financial results. The practice might have concealed billion-dollar debts and presented the market with a more favorable performance than reality.
Investigators also point out that executives received bonuses linked to the company’s financial performance and might have profited from the artificial appreciation of the stocks. This point connects the investigation to internal economic incentives: if the numbers improved, certain payments and gains could also be impacted.
It is important to maintain caution in reading. The information comes from the investigation and still depends on the progress of the inquiries. From a journalistic point of view, the relevant data is that the suspicion involves not just accounting errors, but a possible chain of benefits associated with how the results were presented.
For the market, this type of case raises an uncomfortable question: who should have seen the problem before it became a public crisis?
Crisis shook confidence in a popular brand
Americanas was not an unknown or small company. The retailer was part of the consumption memory of millions of Brazilians, with physical stores, e-commerce, presence in promotional dates, and a broad relationship with suppliers.
Therefore, the impact of the case went beyond the financial market. Consumers followed the crisis, suppliers were exposed to uncertainties, creditors started negotiating within the judicial recovery, and investors saw one of the most traditional retail companies enter a situation of strong instability.
The blocking of up to R$ 54 billion reinforces the dimension of the case. The amount is high even by the standards of major corporate crises and helps explain why the investigation continues to mobilize the Federal Police, Federal Public Ministry, and Federal Justice.
At the same time, the company continues trying to reorganize its operation. The challenge for a retailer in this situation is twofold: rebuilding numbers and rebuilding trust. In retail, a brand is worth a lot, but financial credibility also supports suppliers, banks, and investors.
What the case exposes about corporate governance
The Americanas case also became an alert about corporate governance in Brazil. Financial statements are fundamental documents for the market, but they depend on internal controls, auditing, board, transparency, and continuous supervision.
When a publicly traded company presents information that is later questioned on a billion-dollar scale, the impact falls on the entire ecosystem. Analysts revise assumptions, investors demand explanations, banks reassess risk, and other companies start being observed with more suspicion.
The investigation also shows the importance of understanding financial instruments that, to the general public, seem distant. Terms like risk drawn, VPC, indebtedness, and operating result may seem technical, but they directly influence the perception of a company’s solidity.
The crisis makes it clear that confidence in the market is not sustained only by a well-known brand, a full store, or a strong digital presence. It depends on understandable numbers, consistent records, and governance capable of detecting warning signs.
A crisis that still seeks answers in the Brazilian market
The new chapter of the investigation into Americanas shows that the crisis initiated by the revelation of accounting inconsistencies is not yet over. The second phase of Operation Disclosure expands the investigation, targets possible external connections, and attempts to clarify how debts and results were presented to the market.
For investors and consumers, the main lesson is that large companies can also carry less visible risks. For retail, the case reinforces the need for more rigorous internal controls, transparent communication, and careful monitoring of complex financial operations.
The investigation is still ongoing, and responsibilities should be handled with caution until the competent authorities complete the planned stages. What is already known, however, is enough to keep the case as one of the most relevant in the recent history of the Brazilian market.
Do you think crises like the one at Americanas truly change the way investors and consumers view large companies, or, over time, can the brand regain the lost trust? Leave your opinion in the comments.
