Tok & Stok closes its stores in 4 states

Tock and Stock, the largest retail chain From the country’s furniture, stock liquidation of four stores, to finish activities. Units in Fortaleza, Recife, Rio de Janeiro and Curitiba sold products at half price over the weekend.

Since last week, the company has closed two of the three stores it had in Fortaleza, one on the street and one in Shopping Iguatemi. The company still maintains the shop in Shopping Riomar, in Ceará’s capital.

Over the weekend, activities were closed at one store in Recife, one in Curitiba and one in Rio de Janeiro.

With a financial crisis estimated at 600 million Brazilian reals, the retailer hired Alvarez & Marsal to carry out a financial restructuring. In 2021, according to the latest balance sheet published by the company, net revenue was R$1.1 billion, which is lower than the pre-pandemic level.

The Tuck & Stock crisis began to unfold when manager Vinci’s real estate fund released a statement that it was moving an eviction procedure from its Tuck & Stock unit in Extrema, Minas Gerais. According to the fund, the retailer was behind on its February rent payment.

On two occasions, in 2019 and 2020, Tok & Stok attempted an initial public offering of shares, but the process did not go ahead, due to market conditions.

The retailer, which has the SPX fund among shareholders, as well as the founding Debrule family, had 65 stores before beginning an operational restructuring.

Tuck, Stock, Alvarez and Marsal did not comment.