in interview to CNN this Friday (20), Pedro Paulo Silveira, director of Nova Futura Investimentos, declared that Americanas will need to downsize in order to get around the financial crisis that has haunted it since the discovery of a BRL 20 billion shortfall.
“From now on, the company’s current administrators have 60 days to provide the Justice with a credible recovery plan, showing how it will pay its debts or not, and from then on we will have a reasonable idea of how the company will will manage to get out of this rather complicated situation”, he said.
“Of course, one thing I already know. It will need to make a very important cut in employees, it will reduce in size, as it is not viable now at the size it was”, declared Silveira.
According to him, it is still too early to assess whether investors should take advantage of the low company to buy shares or not, as new developments may happen in the coming weeks.
“The future of the company is not clear. The track record that we have at Americanas for at least the last ten years has to be reassessed in the light of this new extremely unpleasant discovery of a BRL 20 billion shortfall, which implies that the company’s profitability is very low,” he added.
Source: CNN Brasil
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