Americanas face lack of product – 02/01/2023 – Market

Americanas, in judicial recovery since the last 19th, is already starting to face supply problems. Empty shelves can already be seen in chain stores visited by the report in São Paulo in the last ten days.

Traditional seller of sweets such as chocolates, cookies and chewing gum, the retailer accumulates millionaire debts with large suppliers, such as Nestlé (R$ ​​260 million), Bauducco (R$ 97 million) and Mondelez (R$ 93 million). The latter owns brands such as Lacta, Trident, Mentos and Oreo.

Some suppliers are no longer interested in continuing to sell to Americanas, Sheet. The company has always been considered an asset by manufacturers: considering the size of its network and its marketplace, selling to the retailer was a chance to leverage market share. But the fear of default, especially among small manufacturers and importers, who do not have credit insurance, is great.

Due to the difficulty in supply, the company started a process of reallocating inventories between stores, in order to guarantee products at the points with the highest flow. There is an expectation that at least 30% of the points of sale will close their doors, with the aim of reducing fixed costs with rent and personnel, according to people interviewed by the report on condition of anonymity.

In an interview with Sheet on the last 21st, however, Americanas director of operations and consumer relations, Marcio Chaer, stated that there was no change in the offer of products and in the flow of payments to suppliers. According to him, the forecast was to optimize resources to ensure the company’s sustainability in the short term. “Certainly we will adjust what is not essential for us,” he said.

Asked again by Sheet regarding supply problems, Americanas replied that inventory planning is done well in advance.

“The company continues with adequate inventory levels and is coordinating the revision and redistribution of products, seeking greater optimization of sales and margins, an action that is part of the dynamics of retail. has historical relations,” he said through his advisory, in a note.

According to the retailer, the marketplace assortment returned to levels similar to the months prior to the latest events. “The strength of the Americanas brand, with more than 90 years of history, and the close and transparent relationship with partner retailers, opened doors for the entry of new sellers in this recent period”, she informed, referring to the retailers registered in her platform.

THE Sheet found out that suppliers already want to sell to the retailer in cash, which Americanas does not accept, in order to preserve its cash. With such a large network of stores (approximately 1,800) there is a smaller quantity of products spread across many points of sale. Each store then has a high stockout rate (empty shelves).

To try to get around this situation, Americanas would be transferring the stock of smaller stores, with less flow of consumers, to stores with a greater movement. Thus, the rupture is not so evident in the eyes of the public.

The activity of the DCs (distribution centers), however, is also compromised, since it is a very large and expensive structure to generate inefficiency, without a sufficient volume of products. Today the company has 25 DCs in 11 states and the Federal District.

In São Paulo, there is the largest number of distribution centers, five. As the report found out, the company is already discussing the closure of the Osasco DC, whose stock would be sent to the Itapevi one.

Company ends telesales service and may sell assets

This Tuesday, Americanas began the dismissal of employees, starting with outsourced professionals, in order to reduce its expenses, as revealed by the Sheet.

Among the contracts that were terminated is the telesales service provider. The service was not very representative and was not even mentioned in the retailer’s balance sheet, but it served as an option for older consumers.

The company is looking for alternatives to get fast working capital. Among the options under study is the debtor-in-possesion financing (DIP), a financing model used only in judicial reorganizations. Another option would be the sale of assets.

The last Americanas balance sheet, referring to the third quarter of 2022, indicated a network with 3,601 points of sale, including the Unico Group franchises (Imaginarium, Puket, MinD and LoveBrands) and Local (which, together with the BR Mania stores, were part of the joint venture Vem Conveniência, dissolved by the Vibra group on the last 23rd). These points, however, are not involved in the judicial recovery.

But the Natural da Terra horticultural chain (79 stores), purchased by Americanas in August 2021, is in the process of judicial recovery. In addition to these points, stores that can be closed belong to the traditional Americanas format (1,017 points) and the Americanas Express model (783 points). Together, the two formats add up to almost 1.3 million square meters.

“In principle, the Natural da Terra network could be sold within the judicial recovery process”, says partner at the consultancy Performa Partners, André Pimentel.

“But there are three critical points for this: the delay of the plan in being approved, guaranteeing an independent structure for Natural da Terra, since today the cash and CNPJ are together with Americanas, and finding a potential buyer”, says Pimentel, who already worked on one of the restructurings carried out at Americanas, at the turn of the 2000s, by Galeazzi & Associados.

According to him, the retailer believes that the network is worth around R$ 2 billion, something close to the amount paid a year and a half ago. “But the market thinks it is worth between BRL 800 million and BRL 1 billion. This will complicate the judicial recovery plan: the company thinks it can sell for the maximum, but there are only those who pay the minimum.”