A poignant revelation and surprising prospects, says specialist Max Mostrangi – partner at Excellence Consulting Gestão de Tornarónd y Reestruturação specializing in corporate restructuring – of Lojas Americanas.
“It’s dead company. It was living artificially on an oxygen tube. […] There is a concept in finance called sunk cost. You are not putting more money on sunk cost. You lost, playboy! If you had good money you would put it somewhere else, you wouldn’t spend it to get a dead person back. Hence the reluctance of the controller [Jorge Paulo Lemann, Marcel Telles e Carlos Alberto Sicupira] to put money in it. He knows it’s worthless.”
The startling forecast that causes great concern, according to the expert, is the wave of layoffs on the way.
The company has 48,000 employees and must begin this judicial recovery process by closing many points of sale.
Even worse, after the dismissals, there are other disturbing details, according to Mostrangi:
“All business debt that will come from the payment you put into the RJ plan [recuperação judicial]. It is necessary to wait for the full process of negotiating the plan, which takes months. You can have that amount of time to save cash while still paying off business debt within 12 months,” he explained.
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