Back in the game: Americanas exits judicial reorganization after vacating 350,000 m² in industrial properties
- Retailer has vacated 350,000 m² in industrial properties since 2023, according to SiiLA, and expects R$130 million from property sales
Judge Arthur Eduardo Magalhães Ferreira of Rio de Janeiro’s 4th Commercial Court ordered the closure of Americanas’ judicial reorganization proceedings after nearly four years of crisis. The proceedings began after a major scandal involving billions of reais came to light in 2023.
“The closing of the judicial reorganization proceedings marks an important milestone in the Company’s journey and ushers in a new phase for its business. The Company extends its special thanks to its associates, whose dedication was essential throughout this challenging period, as well as to its suppliers, customers, and other partners for their trust and support. With the completion of this stage, the Company remains committed to the growth of its operations, the sustainable strengthening of its business model, and the continued enhancement of customer experience,” the company said.
The retailer requested the closure of the judicial reorganization proceedings in March 2026. The judge found that the company had fulfilled the obligations falling due in the first two years after the plan received court approval in February 2024. The court-appointed administrators and the Public Prosecutor’s Office supported the request.
Payments still scheduled under the plan remain payable, and creditors can take legal action if the agreements are breached. Disputes over the amounts owed also remain ongoing. The ruling to close the proceedings is still subject to appeal.
Americanas also underwent a leadership change during the judicial reorganization. In October 2025, Fernando Soares, then vice president of operations, took over as CEO from Leonardo Coelho, who had led the company since February 2023 and joined its Finance Committee.
According to the company, the change was part of its restructuring plan, focused on expanding operations and improving productivity and profitability.
Impact on the real estate market
Data from SiiLA’s Market Analytics show that Americanas has vacated 350,000 m² in industrial properties since January 2023. In the third quarter of 2026, the company occupied 332,000 m², compared with 664,000 m² in the fourth quarter of 2024.
Before the crisis, the company accounted for 3.15% of all occupied space in industrial properties tracked by SiiLA in Brazil, making it the second-largest tenant in that market. In the third quarter of 2026, Americanas accounted for 1.12% and ranked sixth.
The reduction in Americanas’ logistics footprint did not, in most cases, result in spaces remaining vacant for long periods. A comparison between the retailer’s move-outs and new absorption recorded by SiiLA shows that 333,600 m² of the 350,900 m² vacated has already seen some level of reoccupation, equivalent to around 95% of the total area.
Among the main examples are HGLG Betim, where 62,600 m² is now occupied by Shopee; Cajamar Centro Logístico, where Gurgelmix Máquinas absorbed 53,800 m²; and Armazenna 4 Centro Logístico, where Mercado Livre and Imediato Nexway occupied the space previously used by Americanas.
Other properties also saw a rapid replacement of tenants. At RBR Hortolândia II, Bravo Serviços Logísticos occupied the 26,700 m² vacated, while at Bresco Contagem, Correios took over 15,300 m². In some cases, the new occupancy occurred in the same quarter as Americanas’ departure.
The main exception identified was XPLog Seropédica. Of the 30,300 m² vacated by the retailer, only part of the space appears as newly absorbed in the dataset analyzed, although Americanas still occupies part of the property.
The analysis indicates that, despite the sharp reduction in Americanas’ operations, a large share of the space it vacated was quickly absorbed by other tenants in the industrial property market.
Property sales to strengthen its cash position
Americanas’ restructuring also includes the sale of properties it owns. On October 14, the company announced that the court had approved purchase offers for properties in Laranjeiras, Tijuca, and Freguesia do Engenho Velho, in Rio de Janeiro. The offers were submitted by Supermundi Empreendimentos e Participações and the Antilhas real estate investment fund.
According to the retailer, the transactions are expected to generate R$130 million upon completion. The proceeds will be used to strengthen its cash position and finance its transformation plan.
