See the chronology of the crisis that led Americanas to file for judicial recovery

to Americanas announced this Thursday (19) who officially filed for the company’s judicial recovery. The petition was sent to the 4th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro. The total amount of credits listed in the documents filed with the request for judicial recovery amounts, on this date, to approximately R$ 43 billion.

With around 40,000 employees, the company earned R$5.4 billion last year. The crisis that led to the request for judicial protection was provoked by the revelation that the company “hid” debts equivalent to R$ 20 billion in its balance sheet.

See the timeline of the case:

Merger with B2W (28.Apr.21)

Lojas Americanas and B2W sign an agreement for the merger of the two companies. The combination of digital and physical platform operations simplified the corporate structure, giving rise to Americanas SA B2W operated the Americanas.com, Submarino and Shoptime electronic stores

Hacker attack (19.Feb.22)

Hacker attack keeps Americanas.com and Submarino websites and applications offline for four days, generating losses of around BRL 1 billion

Announcement of Sergio Rial as CEO (19.Aug.22)

Exactly six months after the hacker attack, Americanas announces the first change in command of the company in two decades, choosing the former president of Santander Brasil Sergio Rial to lead the group from 2023. Rial is chosen to replace Miguel Gutierrez, who stayed with the retailer for nearly 30 years

Executives sell R$ 212 million in shares (2nd semester.22)

Americanas executives sell nearly R$212 million in company shares, according to Reuters calculations based on information released by the company to the market

New CFO (26.Dec.22)

André Covre is chosen by Americanas’ board of directors as the new financial and investor relations director as of January 1, 2023. Retailer says that announcement aims to substantially strengthen the company’s financial and strategic management, combining growth and profitability

Rial takes over as president (01.jan.23)

Sergio Rial and Andre Covre assume positions in the top leadership of Americanas

Rial resigns and reveals leak (11.jan.23)

Ten days after taking office, Rial announces his departure from Americanas, reporting “inconsistencies” in the amount of R$ 20 billion in the company’s balance sheet. Covre also resigned

Americanas shares sink 80% (12.jan.23)

One day after the breach was revealed, Americanas shares fell 77%, causing the retailer to lose the equivalent of R$8.4 billion in market value

Internal verification committee (12.jan.23)

Americanas creates independent committee in charge of investigating “accounting inconsistencies”, but does not reveal deadlines

CVM opens lawsuits (12.jan.23)

CVM opens two administrative processes to investigate Americanas. One of the processes targets the company’s own accounting, while the other will deal with the announcement of the fact itself.

Shareholders denounce Americanas (13.jan.23)

Abradin, an association that brings together minorities of publicly traded companies, files a complaint with the CVM to request verification of the responsibilities of the retailer and the consulting firm PwC, in charge of analyzing Americanas’ balance sheets

Agencies cut evaluation (13.jan.23)

Risk rating agencies, such as Fitch and S&P, downgrade Americanas’ credit ratings after the disclosure of accounting inconsistencies

Procon notifies Americanas (13.jan.23)

Procon-SP notifies Americanas to find out to what extent purchases made by consumers are compromised and gives the retailer until January 17 to respond to questions

Departure from the BBB (13.jan.23)

Americanas abandons the sponsorship of BBB 23 and Mercado Livre agrees with the broadcaster to occupy the vacancy

Americans get protection in court (13.jan.23)

Retailer sues Justice to obtain emergency protection against collections and asset freezing, which could be the first step towards a judicial recovery request

BTG appeals against injunction (15.jan.23)

BTG Pactual bank appeals in court against the injunction that protects retailer Americanas from creditors, but the judge on duty does not authorize

Rial leaves and Rothschild enters (16.jan.23)

Sergio Rial is replaced in the task he had assumed informally of trying to calm creditor banks and investors. The retailer’s board of directors hires Rothschild & Co as an interlocutor in the debt renegotiation, in Brazil and abroad

BofA goes to court against Americanas (16.jan.23)

Bank of America (BofA) files an appeal with the 4th Business Court of Rio de Janeiro questioning the guardianship that prevents the freezing of assets at the request of creditors

S&P downgrades Americanas rating to default situation (16.jan.23)

S&P Global downgrades Americanas’ credit rating from “B” (on the global scale) and from “brA-” (on the Brazilian national scale) to “D”, which means a default situation (default)

Rial defends himself on social networks (17.jan.23)

The former president of Americanas breaks the silence and publishes his version of the case on LinkedIn. Rial says he was unaware of the accounting flaws that led the company to a billionaire shortfall and that he “would never compromise” with his biography

Americanas prepares request for judicial recovery (17.jan.23)

THE Sheet anticipates that Americanas will file a recovery request in court

Americanas hires an executive who worked at Oi’s RJ (17.jan.23)

Americanas announces the appointment of Camille Loyo Faria as the company’s financial and investor relations director

BTG obtains an injunction not to return BRL 1.2 billion (18.jan.23)

Bank obtains a writ of mandamus against the injunction obtained by Americanas on January 13 and is no longer obliged to unblock R$ 1.2 billion in the retailer’s account with the institution

Americanas files for judicial recovery (19.jan.23)

In the morning, retailer Americanas informs in a material fact that its request for judicial recovery will be made and says it has only R$ 800 million in cash.

The petition was sent in the beginning of the afternoon to the 4th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro. The total listed credits amount, on this date, to approximately R$ 43 billion.

AMERICANAS SA X-RAY

3rd quarter of 2022
Net Revenue: BRL 5.4 billion
EBITDA: BRL 582.3 million
Net loss: BRL 211.6 million
Shops: 3,601
Employees: about 40 thousand