Independent committee claims Americanas was victim of accounting fraud

The independent committee of Lojas Americanas confirmed that it was the victim of accounting fraud. The information was released this Tuesday (16). The fact refers to the request for judicial recovery in January 2023, the fourth largest in the country's history. The accounting inconsistencies reached R$43 billion and the company's cash value was R$800 million.

The accounting fraud disclosed this week would be characterized mainly by improper entries in supplier accounts. The committee stated that fictitious contracts were used. The Federal Police has also been conducting the investigation into the case since 2023. In a statement, the company states that “The Board of Directors instructed the company's management, together with its lawyers, to take the necessary steps to communicate with the competent authorities – Federal Public Prosecutor's Office, Federal Police, Securities and Exchange Commission and other authorities – and the company will continue to fully collaborate with the ongoing investigations.”.

Corporate scandal

Americanas reported a R$25.3 billion deficit on January 11, 2023. Eight days later, it filed for bankruptcy protection at the 4th Corporate Court of Rio de Janeiro. The company's then CEO Sérgio Rial resigned from his position, as did CFO André Covre. Both were newly hired. Americanas lost 80% of its share value in a single day, in addition to R$8 billion in market value.

Between January 2023 and February 2024, 132 stores were closed in all regions of the country and 10,435 employees were laid off. In an interview with Folha in February, the current president of Americanas, Leonardo Coelho Pereira, said 80 stores could close in 2024.

_{Crisis resulted in store closures and employee layoffs (Photo: reproduction/Wesley Gonçalves/Terra)}

_{American stores}

The company was founded in 1929 by Americans John Lee, Glen Matson, James Marshall and Batson Borger. While visiting Rio de Janeiro, they wanted to open a store with products at attractive prices for a large part of the population. The first establishment was opened in Niterói, with the slogan “Nothing but 2 thousand réis”. It went public in 1940.

Before the crisis, the company was the fifth largest retailer in Brazil in 2022. Despite all the legal issues faced, Americanas shares rose 44% in the last month; 24% this week.

Featured Photo: Americanas is one of the country's leading retailers (reproduction/Ueslei Marcelino/Reuters)