Brazil: Debt burden on retailers
Edited By WION Video Desk
Published: Oct 25, 2023, 07:10 IST | Updated: Oct 25, 2023, 07:10 IST
In Brazil, retail shops are fighting to stay open long enough to profit from interest rate cuts. Retail businesses & clients are carrying heavy debt loads, while online stores like Amazon are posing an existential threat. There are already signs of trouble in the market. One of Brazil's most successful retail companies, Casas Bahia, was forced to sell shares at a deep discount last month to reduce debt. After falling short on payments to various creditors, furniture retailer tok&stok has restructured debt of roughly 73.4 million dollars. To survive in this volatile market, retailers are cutting back on consumer loans.
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