A major Brazilian retailer has announced the closing of nearly 100 stores

The retailer announced it would close 100 stores in its restructuring plan

Brazil has thousands of businesses open, from MEIs (micro-individual entrepreneurs) to powerful retail brands.

Last week, a large company announced the closure of nearly 100 units in the country and mass layoffs of its employees.

The retailer in question is Marissa Stores, which is known for selling women’s clothing and accessories at bargain prices. In all, 92 units of the network of 334 stores in the country must be closed.

The decision is a plan drawn up by the network to restructure its finances and return to closure with expected profits. Store closures will directly affect thousands of Brazilian families.

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In April, about 20 stores in the chain will be closed and the rest of the units will be closed in the coming months. It should be noted that the company has accumulated a loss of 670% in the last quarter of 2022.

At the moment, the retailer has more than R$ 600 million in debt with banks, which, if not paid, could cause more trouble for the chain.

The controlling shareholders recently announced an injection of R$90 million into the retailer, an amount that will help increase finances. In due course, closing 92 units will reduce network operating costs, and savings of R$30 million are expected.

Online store continues to be active?

Unlike physical stores, retailer Marissa has no intention of changing its online store. The truth is that the internet is currently a powerful sales channel that the network has.

Compared with physical stores, the operating cost of the Internet is lower and the profits are higher.