Livraria Cultura reopens store inside Conjunto Nacional, on Avenida Paulista

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Book sales resumed this Thursday afternoon (6). Cafe and restaurant were already in operation since Friday (30). STJ’s decision granted an injunction to suspend the company’s bankruptcy. Livraria Cultura reopened this Thursday afternoon (6) its iconic store in Conjunto Nacional, on Avenida Paulista, in the central region of São Paulo. The resumption of book sales at the site depended on the replacement of products, according to the availability of materials by publishers. Until 2 pm, a man and an employee from the restaurant located inside the bookstore stayed at the door, allowing access only to those interested in the gastronomic area. Several people were instructed to return to the site only after opening hours. The cafe and restaurant on the site had already returned to work on Friday (30). Cafe and restaurant were released since Friday for customers Renata Bitar/g1 Last week, Minister Raul Araújo, of the Supreme Court of Justice (STJ), granted an injunction to suspend the bankruptcy of Cultura. The magistrate determined that the obligations of the company’s judicial recovery plan be resumed, which was approved by the general meeting of creditors and ratified by the Justice in 2018. The company’s bankruptcy was determined by the Court of Justice of São Paulo (TJ-SP) in February of this year. Closed stores The Cultura store in Conjunto Nacional was closed on June 26, after confirmation of the bankruptcy decree by the TJ-SP. The bookstore unit in Porto Alegre was closed on the same day. At the time, the TJ overturned an injunction requested by the company to reconsider the process. For judge Franco de Godoi, the economic unfeasibility of the group was “patent”, which would make it necessary to “maintain the sentence and revoke the injunction to appeal”. “The bankruptcy of the appellant, given the global default of the recovery plan, aims to protect the market and society, as well as to encourage entrepreneurship and socialize the losses caused by business risk”, said the judge in the decision. Crisis in the company Livraria Cultura had been facing a severe crisis since mid-2015, after the shrinkage of the publishing market. The court-supervised reorganization process had been going on for more than four years when the 2nd Bankruptcy and Judicial Reorganization Court of the Central Civil Court decided to accept the company’s request. At the time, the bookstore already claimed to be in an economic and financial crisis, and had reported debts of BRL 285.4 million — most of it with suppliers and banks. The first decision to bankrupt the bookstore was granted on February 9, 2023. At the time, judge Ralpho Waldo De Barros Monteiro Filho stated that the new recovery plan, signed in 2021, had not been fulfilled by the company. “The behavior of the Debtors in these records has shown quite the opposite: in fact, at various times, it borders on disregard for the recovery procedure and for the Judgment, which gave several opportunities for their manifestations, but without the arrival of materially useful content proof of compliance with the plan”, says an excerpt from the decision. The magistrate listed a series of pending issues, such as the lack of discharge of labor debts that should have been fully settled by June 2021 and the failure to send documents. He also highlighted the expiration of the creditor payment period. According to the judge, the company’s default exceeded R$ 1.6 million, “there being no prospects as to the possibility of default”.

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