SAO PAULO, Oct 19 (Reuters) – A Rio de Janeiro court on Monday approved Brazilian retailer Americanas’ <AMER3.SA> formal conclusion of bankruptcy proceedings, the company said in a securities filing. • Americanas unveiled accounting inconsistencies in early 2023 worth multi-billion dollars that led it to file for bankruptcy protection in Brazil. • The company claimed it […]
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Brazil’s Americanas exits bankruptcy proceedings
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SAO PAULO, Oct 19 (Reuters) – A Rio de Janeiro court on Monday approved Brazilian retailer Americanas’ <AMER3.SA> formal conclusion of bankruptcy proceedings, the company said in a securities filing.
• Americanas unveiled accounting inconsistencies in early 2023 worth multi-billion dollars that led it to file for bankruptcy protection in Brazil.
• The company claimed it had been impacted by fraudulent activities from its former management.
• A Rio de Janeiro court has turned 12 former executives of Americanas into defendants as part of the case.
• In the filing, Americanas said it is committed to growing its operations, sustainably strengthening its business model, and enhancing customer experience.
(Reporting by Igor Sodre and Andre Romani in Sao Paulo, Editing by Iñigo Alexander)