Garbarino fails to attract bids for stake in retailer

Garbarino fails to attract bids for stake in retailer

Corporate & Sovereign Strategy M&A Debt Retail shopping Commerce Argentina Coronavirus

Argentine home appliances retailer Grupo Garbarino came up dry in an auction to sell a 51% stake in its Compumundo chain of electronics stores, as potential investors steered clear on expectations that the group will fall into bankruptcy on mounting debts, low sales and the recent exit of its veteran CEO. The group put up the shares for sale this week, with the stake to go to the highest bidder, only for no parties to step forward. "Nobody is going to buy assets [from Garbarino] in this situatio

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