Panel SA: Le Postiche approves bankruptcy reorganization plan with creditors and expects back to school to save sales

Lenders at Le Postiche’s purse and luggage store chain approved the company’s bankruptcy reorganization plan, which joined the lawsuit in May after the pandemic hit.

According to Luís Alberto Paiva, president of Corporate Consulting, which advises the retailer in judicial recovery, the plan was approved by 82% of creditors. Le Postiche’s debt is around R$64 million.

Paiva says that the network’s employees will receive their salaries within a year from the date of the plan’s approval, with equal installments of payments. Part of the suppliers will have a one-year grace period, payments in fixed installments for two years and a period of 15 years to have their debts settled, with a discount of up to 70%.

“In shopping malls, we renegotiated future contracts with the possibility of lower cost”, says the Executive.

According to Paiva, Le Postiche started paying its commitments on a regular basis in April this year, and is now working with around 80% of the sales volume it had in 2019, before the pandemic.

“The expectation is that 2022 returns with a high volume in the return to school”, said Paiva. He claims that the company is also looking for domestic suppliers because the cost of importing bags has gone up. The problem, according to Paiva, is that the synthetic material used to make the backpacks also usually comes from outside Brazil.

with Mariana Grazini e Andressa Motter