Famsa concluded bankruptcy and begins recovery

Mexico City /

Grupo Famsa concluded the closing of the commercial bankruptcy announced in 2020, in order to carry out a financial restructuring. During this period, the firm went from having 16,557 employees in June 2020 to 4,910 collaborators by the end of 2021, that is, a drop of 70.3 percent.

In addition, received the majority consent of its recognized creditors for the successful restructuring of liabilities for more than 10 billion pesos, without taking into consideration the liabilities between related parties.

In a statement sent to the Mexican Stock Exchange (BMV), the firm indicated that today the judgment of the Second District Judge in Civil and Labor Matters in the State of Nuevo León in which it is approved Bankruptcy Agreement presented by the group on December 13, 2021.

This resolution concludes the bankruptcy procedure in accordance with article 262, Ninth Title of the Commercial Bankruptcy Law.

“The subscription of Bankruptcy Agreement by the majority of our creditors, allows us to close a stage in which we faced highly complex economic scenarios that seriously jeopardized the continuity of the business,” the firm said.

He indicated that in the bankruptcy period, the administration focused its efforts on keeping the business going, through the reestablishment of the funding of the credits granted to clients, as well as in the maintenance of liquidity through actions and initiatives to reduce operating and administrative costs and expenses, given the limited generation of cash flow caused by the decrease in sales and income.

“We focused on achieving maximum efficiency in the operation of our branch network, for which we closed five distribution centers and 148 stores throughout the country; this led to the difficult decision to restructure the staff based on the new levels of operation”, he indicated.

He indicated that the firm will move towards a new stage of recovery and repositioning, in an environment that he defined as complex and challenging.

He argued that for this will try to reach agreements to obtain lines of financing and fresh resources that allow us to support the operational needs to efficiently and profitably satisfy the requirements of our clients through the different sales channels.

“As part of the evolution that we propose to advance as a new famewe will implement changes in our corporate governance in order to strengthen decision-making by contributing the experience and knowledge of new participants, coupled with the entry of new financial resources for more than one thousand 200 million pesos that will allow to promote the operation of the business and ensure the generation of future flows that support the continuity of the business”, he explained.

MRA

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