Americanas exits judicial recovery nearly four years after billion-dollar fraud

Americanas officially left judicial recovery on Monday, October 19, after the Fourth Business Court of Rio de Janeiro closed the case upon confirming compliance with the obligations set out in the creditors’ approved plan. The move ends a major chapter of the crisis that began in January 2023, when the retailer disclosed accounting inconsistencies later estimated at roughly R$ 20 billion, leading to debts exceeding R$ 40 billion and a judicial recovery filing. The company requested the closure of the process in March this year, and the court approved it following favorable opinions from the Public Ministry and the judicial administrator. Over the past two years, Americanas reported an operating profit of approximately R$ 500 million, with same-store sales rising 9.3% in the first half of 2026 and gross revenue per square meter growing 10.3%.

The recovery plan, backed by 91% of creditors, enabled the renegotiation of liabilities and a restructuring of the company’s capital structure. Americanas now operates without judicial oversight and maintains a network of over 1,400 stores, focusing on fast-turnover and convenience categories. In a separate development, on October 16, the Federal Court of Rio de Janeiro accepted a complaint filed by the Federal Public Ministry against 12 former executives of the retailer, who became defendants in the case investigating the accounting fraud revealed in 2023. Among those charged is former CEO Miguel Gutierrez, identified by investigators as the leader of the scheme involving the concealment of financial transactions and the recording of revenues that did not reflect the company…s actual performance.

The accused face charges including criminal association, ideological falsehood, and market manipulation, with some also indicted for insider trading. Americanas has maintained that it was a victim of fraud committed by former executives and says it is cooperating with authorities to hold those responsible accountable. NeoFeed reported the story.