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Supermarket chain goes bankrupt

Supermarket chain goes bankrupt

The supermarket chain was successful and left after bankruptcy

Many supermarket chains make Brazilians happy. As the years passed, many appeared and others left the country. Today we’re going to talk about one bankruptcy in particular.

As we know, maintaining a company is not always easy. Sometimes, accounts get out of control, debts increase, and as a result, ruin occurs. The supermarket empire had this result.

The Gonsalves supermarket chain was founded in 1990 in the city of Porto Velho, located in Rondônia, with sad results. The company, which grew rapidly and opened several branches throughout Brazil, concentrated mainly in the northern region and mainly in its home state, was plunged into a crisis that it was unable to overcome.

Gonsalves achieved great success in the northern region of the country (Reproduction: Internet)

From the year of its founding until its bankruptcy in 2016, it witnessed unforgettable decades of significant growth. In 2013, for example, the supermarket chain expanded its business by establishing a bakery, and the following year a supermarket, both in Rondônia, a place that was loved by a large part of the population.

But, to everyone’s surprise, in 2016, the supermarket chain Gonsalves filed a request for judicial recovery, as explained by G1. At that time, the company was facing a serious economic crisis.

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Gonsalves Supermarket Chain - Online Reproduction
Gonsalves Supermarket Chain – Internet Reproduction

What happened after the refund request?

The judicial recovery request was not successful as expected, and in July 2019 the court declared the company bankrupt. Thus, she was forced to watch her shops, properties, land and vehicles go to auction, to raise the sum of 71 million riyals, which will be passed on to settle with creditors.

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Only three years later, the court allowed Supermercado Gonçalves to pay what it owed its employees, giving priority to those who were active when the chain was declared bankrupt. Despite all the struggle to get their entitlements, the employees managed to get their salaries.

The Gonsalves department store chain was declared bankrupt 4 years ago - Photo Internet
The Gonsalves department store chain was declared bankrupt 4 years ago – Photo Internet

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