This Tuesday, May 10, was the deadline for executives of Merchandise, the parent company of low-cost department store chain Justo & Bueno. Capturing more than 135,000 million pesos owed to employees, banks, landlords, suppliers and Dian, among other creditors.
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However, the Chinese fund (JF Capital International Limited), which has agreed to provide the resources to meet the commitments, did not comply, and the company announced that it would preemptively close its stores and distribution centers..
“Given that no notification or payment has been made to date, the company has declared that it considers its operation impossible.” He added that he will continue to work hand in hand with the control units to move forward in the next steps of the process.
César Higuita, head of the Justo & Bueno labor union, told EL TIEMPO that company executives instruct their district managers. collect the keys to the stores, close the doors from midnight and until Thursday, the day of the third phase of the public hearing on security issues.because they are afraid that there might be some loot.
Since last March 29, JF Capital International Ltd. has been involved in the sale of HD Colombia SA, the parent company of Merchandise. signed an agreement with the company and announced its commitment to pay before May 10 in a communication sent to collaborators and lessors. Loans arising from acceptance for restructuring until April 30, 2022.
“This has led us to trust that the company will be recovered for sure,” the company says.
However, as a result, there was no source entry into SAS Merchandise accounts, and there was no news that any third party made payments on behalf of the company.
“The report requested by the Chief Auditor of Companies was not received, nor the report that would explain the structure, mechanism, amount of operations and a capitalization plan of the proposed business,” says Justo & Bueno.
Given this, the company said it regretted that the new owners were not able to meet the agreed deadlines. “After the contract of sale was signed in March, we continued to work with the belief that the funds agreed to pay off the debts and would honor our commitments on time with all families connected to the Merchandise,” they state.
(You may also be interested in: Justo and Bueno employees demand the truth about the firm’s situation)
And he continues: “We do not understand what may have happened with the entry of the sources announced today. As the new owner of Justo & Bueno, we hope that JF Capital will speak publicly at the hearing called by the Companies Supervisory Board next Thursday and offer the best possible solution for everyone.“.
In total, Justo & Bueno owes its employees approximately 42,000 million pesos, outstanding liabilities on leases approximately 35,000 million, on lease contracts approximately 19,700 million, outstanding tax liabilities approximately 17,100 million pesos and liabilities in other expenses exceed 20,600 million.
(You may also be interested in: Fair and Good: the deadline to settle your overdue debts has passed)
Source: Exame
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
