End of the crisis: Americanas seeks to exit bankruptcy; company shrinks physical footprint by 43%

The request was submitted to the 4th Business Court of Rio de Janeiro and also includes the group’s subsidiaries. According to the company, the conclusion of the process marks the end of a cycle that began after the accounting fraud and multi-billion-dollar cash shortfall came to light. 

In filings released this week, the company also advanced in reorganizing its asset portfolio. Americanas confirmed the outcome of the competitive process for the sale of the Imaginarium and Puket brands. The winning bid came from Fan Store Entretenimento (BandUP!), after a competing offer was disqualified for failing to meet the requirements of the bidding process. 

The proposal includes a base value of R$155 million, with payment structured between an upfront portion and installments, exceeding the initial binding offer. The completion of the transaction is still subject to certain conditions precedent, including approval from Brazil’s antitrust authority (Cade). 

These developments take place amid a broader restructuring effort. In 2025, Americanas reported growth in same-store sales and made progress in cost reduction, with a significant decline in operating expenses. The company also closed underperforming stores and reinforced its focus on physical retail, integrated with an omnichannel strategy. 

Despite operational improvements, net results still reflect the impact of the restructuring process. The company ended 2025 with a net loss, although it showed improved operational performance and positive cash generation, signaling greater financial discipline. 

With the request to exit bankruptcy protection, Americanas aims to consolidate its restructuring and restore confidence among investors, suppliers, and consumers. The final exit, however, still depends on court approval. 

The Americanas crisis came to light in January 2023, when the company disclosed accounting inconsistencies estimated at more than R$20 billion, mainly related to supplier financing operations. The episode led to a bankruptcy filing just days later, triggering one of the largest corporate restructurings in Brazil’s recent history.

Although the case has advanced into the criminal sphere, investigations are still ongoing and there has been no consolidated cycle of definitive arrests in Brazil so far. Federal Police carried out arrest and search warrants against former executives in 2024 as part of the so-called “Operation Disclosure.”

Former CEO Miguel Gutierrez was targeted by an arrest order and detained in Spain, while other executives were added to Interpol’s list or had assets frozen. In addition, the Ministério Público Federal charged at least 13 former executives with crimes including market manipulation, insider trading, and document fraud. However, the cases are still ongoing, and final accountability — including potential convictions — will depend on court proceedings.