A prominent Brazilian retail chain has requested court approval to conclude its bankruptcy protection process, stating it has satisfied all mandated requirements following a massive financial scandal.
Americanas submitted paperwork to a Rio de Janeiro court on Wednesday seeking to end the bankruptcy proceedings that began in January 2023. The retailer was forced into protection after revealing roughly $4 billion in financial discrepancies within its accounting records.
The company, which has operated for nearly 100 years with physical locations across Brazil and an online presence, initially sought to reorganize approximately 43 billion reais (equivalent to $8.23 billion) in outstanding debt when the proceedings commenced.
Throughout the bankruptcy process, Americanas has sold off various assets and permanently closed numerous retail locations nationwide. The company shuttered more than 170 physical stores during the previous year alone.
The retailer declined to specify which particular obligations it completed to qualify for exiting the bankruptcy protection process in Wednesday’s announcement.
