The Americanas chain was plucked – 02/04/2023 – Elio Gaspari

With everyone fighting with everyone else, it is possible that the trouble at the Americanas retail chain is heading towards a false truce. He would follow the teaching of the great sambista Morengueira in his “Piston de Gafieira”:

“Whoever is outside does not enter
Those who are inside don’t come out.”

A hole estimated at more than R$40 billion appeared and, except for the executive Sergio Rial, who spent a few days at the head of the company, sounded the alarm and stepped down, nobody knew anything.

The trio of large shareholders (Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles) informed that “we were never aware of and would never admit any accounting maneuvers or dissimulations in the company.” Auditor PwC and the banks that provided credit to the network never rang the bell. Those directly responsible for managing the company over the last few years are silent. No one knew anything, but the skewer also goes to merchandise suppliers.

The did-not-know discussion will go to the courts and there it can be clarified by examining the messages exchanged by the doctors. However, implausible versions rarely withstand a chronology, and it indicates that the Americanas network has suffered a blow. In retail Portuguese, it was plucked. The company pampered shareholders and directors like it was an aircraft carrier and it was a doomed hull. At least the people who showed Rial the numbers knew that.

Last year, the company’s board prided itself on “promoting a culture of overcoming results by hiring and retaining the best people, aligned with the interests of shareholders”.

Americanas paid its directors very well. In the last ten years they received R$ 505.4 million, double what competing chains like Magalu and Renner paid. Between 2013 and the third quarter of 2022, Americanas paid R$2.1 billion to its shareholders. Until then, the game would be played.

The process of choosing a new executive for Americanas began in March last year. In August, the chain announced that veteran Miguel Gutierrez, with 30 years at the company and 20 as its main executive, would be replaced by Sergio Rial, coming from Banco Santander. Reporter Nicola Pamplona revealed that, during the second half of 2022, Americanas’ statutory directors sold R$244.3 million in company shares. The peak of sales occurred between August and September.

In November, the network revealed a loss of R$ 211.5 million for the quarter. (In the previous year it had profited BRL 240 million in the same period.)

Sunshine is the best detergent

Sergio Rial took over at Americanas on January 2nd. During those days he obtained details of what he would later call “accounting inconsistencies”. On the 6th, shareholder representatives met with company directors and employees from the financial area. From then until the 11th, Rial lived what he called “Sofia’s choice”: “Do I speak or don’t I speak?”. He said. The following day, the company’s shares lost 80% of their value and soon after Americanas filed for judicial recovery.

The Americanas litigation could turn out to be one of the biggest of all time, unless a simulated truce takes place in the next few weeks. After all, Morengueira sang:

“The orchestra always takes action
Playing loud so the police don’t eat
And at that time
as part of the routine
The piston takes the mute
And put things in place.”

Sunshine is the best detergent. There are abundant signs that there was a fraud in Americanas and that it only lasted for years because it was covered up.

The banks ask the Court for access to the company’s internal communications. This collection could lead to new clues to know what happened. In addition, another good question is on the board, to be clarified with the Securities and Exchange Commission:

Which directors at Americanas sold R$244.3 million in the second half of last year, when Americanas went from profit to loss and it was known that Gutierrez would be replaced by Rial? Why?

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