Ricardo Eletro has bankruptcy decreed by the Justice – 06/09/2022 – Market

Retailer Ricardo Eletro, controlled by Máquina de Vendas, had its bankruptcy decreed by the Justice of São Paulo last Wednesday (8). The company filed for bankruptcy protection in 2020.

As anticipated by the newspaper Valor Econômico and Sheet confirmed, the bankruptcy was decreed by Judge Leonardo Fernandes dos Santos, of the 1st Court of Bankruptcy and Judicial Reorganizations of the Foro Central de São Paulo.

In his decision, the judge pointed out that “there was the identification of several factors of asset emptying” and that the judicial recovery “does not meet the conditions for proceeding”.

The magistrate adds that every entrepreneur should know, when making the decision to develop this type of activity, that he may face crises. “It turns out, then, that the bankruptcy of the unfeasible company is the most appropriate solution from an economic and social point of view.”

The Court also determined that the company’s partners present, within five days, the nominal list of creditors, discounting what has already been paid in the judicial recovery and including the credits that were not subject to recovery.

Also according to the judge, the creditors will have reconstituted their rights and guarantees under the conditions that had been contracted, after deducting the amounts paid in the judicial recovery.

The magistrate also kept Laspro Consultores as judicial administrator.

The Sales Machine group filed an appeal with the 2nd Chamber of Business Law this Thursday (9). In a note, the company’s president, Pedro Bianchi, said that the group was surprised by the court’s decision, and that the position of the presidency, directors and the entire legal body is in complete disagreement with the decision rendered.

“It is not up to the Judiciary to decide on the economic and financial viability of the company, but the company and its creditors. As we consider the decision to be absolutely legally unfounded, the legal department of the Máquina de Vendas Group is already taking all urgent measures to reverse the decision, and trust that in the next 48 hours a new decision will be issued”, he says.

The group also says that it considers that the most difficult phase of its judicial recovery process is already over, when there was the approval of the creditors’ meeting. “Now, the focus is on operational stability and revenue growth.”

In October 2020, the retailer filed its judicial recovery plan. At the end of last year, the amount of indebtedness exceeded R$ 4 billion.

Ricardo Eletro was founded by Ricardo Nunes in the countryside of Minas Gerais, in 1989. It had more than 1,100 stores throughout Brazil, with more than 12 thousand direct employees.

In 2020, the founder of Ricardo Eletro was arrested on suspicion of tax evasion, being later released.

See the full note from Grupo Máquina de Vendas:

The Máquina de Vendas Group was surprised on June 8, 2022, with the decision to convert into bankruptcy in the Judicial Recovery process that is underway at the 1st Court of Recovery and Bankruptcy of the Central Court of the District of São Paulo/SP.

The position of the Presidency, Board of Directors and the entire legal body is of complete disagreement with the decision rendered. It is not up to the judiciary to decide on the economic-financial viability of the company, but the company and its creditors. As we consider the decision to be absolutely legally unfounded, the legal department of Grupo Máquina de Vendas is already taking all urgent measures to reverse the decision, and it is expected that in the next 48 hours a new decision will be issued by the Court of Justice of São Paulo. , revoking all effects of that decision.

The Máquina de Vendas Group plays an important role in the economy, in job creation and in the retail sector under the Ricardo Eletro brand. Today, with an operation remodeled to digital format, we have more than 30,000 SKus registered on our website, with more than 3,000 already online, including famous and first-line brands in important categories such as cell phones, housewares, furniture, sports and leisure. and others.

The Máquina de Vendas Group understands that the most difficult phase of its judicial recovery process has already ended, when the creditors’ meeting was approved. Now, the focus is on operational stability and revenue growth. Among the measures already adopted are: Cutting fixed costs by more than 90%; + 30 signed marketplace contracts; Active CRM; Reformulation of the brand, Digital Performance, and in December 2021, the MDV Group hired Peace, a digital performance and optimization agency, which is working on the digital “purification” of the platform and the name Ricardo Eletro, with improvements to the purchase for the customer.

In a very short time, Ricardo Eletro is in first place in organic competitive positioning against more than 2,863 online stores, with a reach of 13.1 million users.

With this, the expectation is to end the year 2022 with monthly revenue (GMV) above one hundred million reais. We have the support of big names in the industry, in addition to dozens of other marketplace partners, which is why we remain confident and firm in our journey to restructure the Máquina de Vendas Group.

We are fully confident that the decision to convert into bankruptcy will be promptly reversed as it does not reflect the reality of the operations, especially considering the great and considerable operational advances obtained so far, in particular: technological migration to VTEX, operational support by Infracommerce and the reformulation of the soon to bring modernity.

We remind you that the Judicial Recovery Plan was approved at the General Meeting of Creditors held on September 16, 2021 by more than 70% of the creditors present and so it must prevail!

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