May 26, 2021 |
Brazilian clothing retailer TNG needs a "rethink" as it looks for ways to restructure BRL250 million ($46.9 million) in debt after filing for bankruptcy protection, founder and CEO Tito Bessa Júnior told LatinFinance on Tuesday.
TNG has seen its debt load rise by 20% to 30% during the COVID-19 pandemic, but it does not have a clear plan in mind for the restructuring, Bessa said. "I rely on lawyers and consultants," he added.
The company now has 60 days to come to an agreement with the banks and
Other Brazilian retailers seek protection from creditors as they are caught in the pandemic quagmire