The São Paulo Court of Justice (TJSP) denied this Thursday (21) Ricardo Eletro’s appeal in relation to the company’s bankruptcy. The decision was made by the rapporteur Maurício Pessoa, who cites the fragility of the appeal and the company’s reluctance to accept the court order.
Indebted, the retailer wants to continue the judicial recovery plan, but banks have filed for bankruptcy.
The company has about R$6 billion in debt, including banks, tax and labor debts. Ricardo Eletro will appeal to the presidency of the court and, later, to the Supreme Court of Justice (STJ), in order to maintain its operation.
With no physical store, the company is currently betting on e-commerce, following a strategy of selling third-party products, as retailers like Magazine Luiza, Via or Mercado Livre do. In the past, the company’s revenue reached R$ 10 billion a year. Currently, the monthly revenue is estimated at R$ 600 thousand.
The founder of Ricardo Eletro, Ricardo Nunes, left the business, which is now in the hands of businessman Pedro Bianchi, who came from the Starboard fund. The executive seeks to reverse the court’s decision to continue with the payment of creditors established in the judicial recovery plan and make the retailer rise from the ashes.
Ricardo Eletro has labor liabilities, such as contractual terminations of former employees, as well as debts with banks Santander, Itaú and Bradesco.
Source: CNN Brasil
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