Creditor files for bankruptcy of Brazilian furniture retailer Tok&Stok
A technology services consulting firm has filed for bankruptcy of the retailer Tok&Stok in the São Paulo courts.
The information is from the newspaper Valor Econômico.
The creditor Domus Aurea, based in Barueri, informed in the lawsuit that the furniture chain has suspended payments regarding the anticipated conclusion of a project.
The debt, in arrears for three months, reaches R$3.8 million (US$750,000)
In a petition filed with the 3rd Court of Bankruptcy and Judicial Recovery of São Paulo, Domus stated:
“Tok&Stok’s insolvency is proven since it is materialized in an enforcement instrument whose sum exceeds 40 minimum wages, and no payment has been made.”
The lawsuit includes Tok&Stok’s most recent filings with the State Board of Trade, officializing the resignation of five executives from the chain in the last two months.
Among them was Daniel Sterenberg, who held the position of CEO.
Tok&Stok will have ten days to present its defense after the summons.
During this period, it may deposit the amount of the credit to avoid a bankruptcy decree, according to the report.
Tok&Stok’s shareholders are SPX, which took over Carlyle’s operations, and the Dubrule family, founder of the business.
With 65 stores and debt estimated at R$600 million (US$119 million), the retail chain began to have its financial crisis exposed in February when a real estate fund owned by Vinci filed for eviction from the store in the city of Extrema, Minas Gerais state.
Last week, Tok&Stok started a process of closing stores in several cities around the country: Recife, Fortaleza, Rio de Janeiro, Curitiba, Campinas, and Piracicaba.
Other units may also be closed by the retailer.
Tok&Stok did not comment on the store closings nor the bankruptcy filing.
With information from Revista Oeste
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