Ricardo Eletro has declared bankruptcy

Founded in 1989 by businessman Ricardo Nunes, now out of the partnership, the chain is part of the Máquina de Vendas Brasil group, also the target of the decision.

The company tries to reverse the decision in the appeal

By: SiiLA News

06/10/2022

On Wednesday, the Justice of São Paulo decreed retailer Ricardo Eletro's bankruptcy after two years of judicial recovery and four years of an intense financial crisis at the company. As anticipated yesterday by Valor PRO, Valor's real-time information service, the sentence cites "the identification of several factors of asset emptying", mentioning that the current judicial recovery "does not meet the conditions for proceeding". Founded in 1989 by businessman Ricardo Nunes, now out of the partnership, the chain is part of the Máquina de Vendas Brasil group, also the target of the decision.

To try to reverse the situation, the group filed an interlocutory appeal yesterday afternoon with a request for suspensive effect against the decision at the 2nd Chamber of Business Law of São Paulo. In the document, he says that he learned of the sentence with "absolute astonishment", that the decision was "premature", and that "there is no intention of committing fraud" in the company.

Read the full story (in Portuguese).

Source: Valor Econômico

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