The supermarket chain Dia has been in the spotlight of the market in recent weeks in Brazil. The Spanish company announced it will close 343 stores in the country along with 3 distribution centers. One week after the announcement, the company filed for bankruptcy protection in the São Paulo Court of Justice.

Last Thursday (21), it was announced, through a relevant fact disclosed by VBI, that Dia is vacating a standalone warehouse, where it occupied 100% of the area, in Mauá, in the Greater São Paulo region.

The company revealed it has decided to concentrate its operations only in São Paulo. Ventures in other states, such as the Monte dos Guararapes Logistics Terminal in Pernambuco, are at risk of being surrendered.

"The request for Bankruptcy Protection follows the restructuring process that Grupo Dia announced on March 14. Faced with the persistent negative results recorded in the country, the company decided to proceed with the closure of 343 stores and 3 Distribution Centers, to try to provide greater stability to its operation while awaiting the definition of new strategic decisions, as announced today," the statement said.

Globally controlled by Argentine Martín Tolcachir (pictured), according to results released by Grupo Dia, Brazil had the worst performance of the company worldwide, with a negative balance of 12.4% compared to the previous year – for comparison, Argentina, undergoing an economic crisis, had a negative balance of 1.2%.

In the company's report, Grupo Dia stated that the worldwide result was only not better due to the poor performance of stores in Brazil.

"The net result improved by 94 million euros in 2023, reducing Grupo Dia's losses to 30 million euros. This result was negatively affected by asset impairment in Brazil by 60 million euros," the company said.