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Supermarket Rival of Grupo Pão De Açúcar (GPA) Declares Bankruptcy After Failing to Fulfill Judicial Recovery. About 7 Branches Are Closed and Debt Reaches R$ 37 Million.
The competition among the major supermarket chains is intensifying. Large corporations are standing out and gaining more and more presence in the daily lives of the population. Among the current market leaders is the Grupo Pão de Açúcar (GPA), one of the largest retail food conglomerates in South America. In this context, it is relevant to highlight the recent bankruptcy of one of GPA’s main competitors in the supermarket sector, a move that reflects the dynamics and growing competitiveness of the retail market.
Rival of Grupo Pão De Açúcar Declares Bankruptcy
This is Compre Mais, GPA’s rival supermarket chain. Judge Luis Otávio Pereira Marques, from the Fourth Civil Court of Várzea Grande, decreed the bankruptcy of the Compre Mais supermarket chain. In addition, the ruling took into account indications that the supermarket had not been complying with the judicial recovery plan approved with the creditors.
The request for recovery of the Compre Mais chain was approved in June 2013, by Judge Anglizey Solivan de Oliveira, from the Fourth Civil Court of Várzea Grande. Thus, at that time, the supermarket chain claimed to have debts amounting to R$ 37.7 million.
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Furthermore, according to the magistrate who decreed the bankruptcy of GPA’s rival, in addition to the various requests for the amendment (change) of the presented judicial recovery plan, the appointed judicial administrator himself noted the non-payment of debts initially agreed upon and discussed with the supermarket chain. According to the excerpt of the decision, the default of the recovering party towards the creditors was also reported by the judicial administrator when presenting the activity report, which stated that no payments had been made to the financial institutions.
Closure of Units of GPA’s Rival Supermarket
At the time of discussing this new plan, however, the supermarket chain sought to extend the debt payment period and also requested a one-year grace period for the start of installment payments, which, according to the judge, did not meet the limits established in the initial decision of the judicial recovery process. In the magistrate’s view, the measure would overly burden the creditors, who have been waiting for the repayment of their credits since 2013, given that the attempt to recover the company was frustrated.
Another point that influenced the judge’s decision, according to the ruling, was the closure of units of the Compre Mais supermarket chain, which, during the recovery process, went from eight branches to just one. The closures, according to the ruling, were carried out without prior communication to the court, which, in the magistrate’s understanding, demonstrated the incompetence of GPA’s rival and even a lack of willingness to comply with the recovery plan.
Judge Prohibits Sale of Properties
According to the Judge, in light of this entirely negative scenario, it is evident that the recovering party does not have the means to cover the accumulated liabilities, not even under the terms of the new plan, so prolonging its activities constitutes an error, the losses from which may primarily be borne by the creditors. In addition to declaring the bankruptcy of the supermarket chain, Judge Luis Otávio Pereira Marques prohibited the sale of the properties where the branches of Parque Cuiabá and Morada do Ouro operate.
This measure was taken following a request from the judicial administrator and considering, according to the ruling, the cessation of activities of these units without prior communication to the Judiciary. According to the magistrate, the supermarket chain not only failed to inform about the closure of the units but also did not provide explanations regarding the destination of the properties.
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