Toky Group Tries to Rebuild After Billion-Real Bankruptcy Protection Filing, Raising Concerns for Logistics FIIs

Toky Group, owner of the Mobly and Tok&Stok brands, reshuffles management, renegotiates debt, and tries to prevent its merger from becoming another corporate showroom piece

Victor Pereira Noda, founder and board member of the Toky Group

By: SiiLA News

05/14/2026

Toky Group, the holding company created from the merger between traditional furniture and home décor retailer Tok&Stok and Mobly, has filed for judicial recovery in São Paulo in an attempt to reorganize debts estimated at around BRL 1.1 billion.

After years trying to “assemble” a financial solution — apparently without an instruction manual — the group is now seeking time to renegotiate liabilities, preserve operations, and prevent suppliers, banks, and investors from bearing the full cost of the crisis.

The situation had been showing signs of strain for quite some time. Tok&Stok had been dealing with store closures, liquidity problems, tight inventory levels, and difficulties keeping operations afloat. The merger with Mobly, initially presented as an effort to modernize the business and gain scale, ultimately became another attractive piece in the corporate presentation — but much harder to assemble and sustain in practice.

In a statement to the market, the company attributed the crisis to the macroeconomic environment: high interest rates, tighter credit conditions, and weaker discretionary spending. In other words, Brazilian consumers stopped buying BRL 2,000 side tables in favor of prioritizing essential expenses.

The market reacted with little enthusiasm. TOKY3 shares plunged more than 40% following the judicial recovery filing announcement.

Under New Management

Amid the judicial recovery process, Toky Group is dismantling its leadership structure. Founders Victor Pereira Noda, Marcelo Rodrigues Marques, and Mário Fernandes Filho stepped down from their executive positions just days after the company acknowledged the severity of its financial crisis.

In a material fact filing disclosed to the market, the company stated that the management changes occurred “without objection and without cause.” Despite leaving executive roles, the founders will remain on the Board of Directors, overseeing the company’s strategy while the new management team attempts to reorganize an operation pressured by billion-real debts, weakened consumer demand, and a market that no longer buys into growth stories as easily as it did a few years ago.

The task of rebuilding the group now falls to André Ferreira Peixoto as CEO, Fabio Ferrante as Chief Financial and Investor Relations Officer, and Daniel Passos de Melo as Chief Operations and Logistics Systems Officer.

Real Estate Market

Together, the companies currently occupy approximately 118,900 m² of industrial properties in Brazil, including assets owned by real estate investment funds managed by firms such as XP Inc., BTG Pactual, and Vinci Partners.

Vinci itself has already issued a statement to shareholders informing them that the Extrema Business Park property is protected by rental guarantee insurance and that “to date, there has been no breach in lease payment obligations by the Tenant, and the Fund has not been officially informed in this regard, nor have there been formal negotiations with the Tenant related to the judicial recovery filing so far.”

Between 2020 and 2021, Mobly alone occupied more than 100,000 m² within logistics condominiums. Today, the company occupies approximately 82,000 m². These figures consider only industrial properties and exclude stores and standalone warehouses.

The judicial recovery filing also reinforces a major shift in the furniture and home décor retail sector. During the pandemic, the industry experienced a surge in demand driven by the home office trend, reflected in temporary growth between 2020 and 2021.

Once the “coffee corner” craze faded, high interest rates, restricted credit, and a far less Instagram-friendly consumption environment followed. Now, the group is trying to convince creditors that there is still room for restructuring. After all, between bankruptcy and judicial recovery, Brazilian retail almost always prefers attempting one more “final clearance sale.”

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