[REVISION HISTORY]

Casas Bahia judicial recovery and corruption investigations

Updated 50 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-21 14:51 UTC → 2026-10-02 01:23 UTC · added ~~removed~~

Casas Bahia is undergoing a major restructuring in Brazil to address a deepening financial crisis. The company is closing approximately 300 stores and has dismissed roughly 3,000 employees to reduce operational expenses. On August 16 and 17, 2026, Casas Bahia filed for judicial recovery in São Paulo to restructure approximately R$ 17.3 billion in debt involving ten companies, including Cnova, Bartira, and Ponto Frio. The company reported a net loss of R$ 10.1 billion in the second quarter of 2026, citing high interest rates and credit restrictions. On August 27, 2026, the São Paulo Court granted a 180-day stay period to prevent a “run on creditors” from compromising the reorganization. ~~Judge Tainá Maria Leonardo de Oliveira ordered BTG Pactual to restore account access and mandated that payment processors release receivables.~~ Following this, shares (BHIA3) experienced extreme volatility. On September 5, 2026, the Superior Labor Court (TST) upheld an injunction suspending collective dismissals, ordering the temporary reinstatement of dismissed employees and the reactivation of benefits. By September 7, 2026, the ~~scale of the crisis became more evident, with the~~ judicial recovery process ~~involving~~ involved over 28,000 ~~creditors and approximately R$ 11 billion in extra-concursal credits. Data from the Institute of Studies of Title Protests of Brazil (IEPTB) shows 4,457 protested debts totaling R$ 235.7 million.~~ creditors. As of September 9, 2026, former employees ~~have~~ reported ~~significant~~ difficulties receiving severance pay and accessing ~~benefits such as~~ benefits. On September 20, 2026, investigations by the ~~Severance Indemnity Fund (FGTS)~~ São Paulo Public Prosecutor's Office (MPSP) and ~~unemployment insurance. The National Confederation~~ Coaf uncovered a bribery scheme involving the alleged payment of ~~Commerce Workers (CNTC) has collected over 80 complaints. While~~ at least R$ 11.6 million to the São Paulo Finance Secretariat between 2022 and 2023 to expedite ICMS tax credits. Additionally, Coaf reported R$ 6.6 million in transfers from lawyer Nelson Wilians to Icon Properties, a firm owned by Michael Klein, an heir to the Casas Bahia ~~has appealed~~ founding family. By September 30, 2026, the ~~TST injunction,~~ MPSP issued a favorable opinion to suspend the ~~company maintains that dismissal payments are now~~ conversion of certain debentures into shares, arguing they should be subject to judicial recovery ~~rules and that worker rights remain secured.~~ rules. Meanwhile, Casas Bahia entered advanced negotiations with Itaú Unibanco for R$ 200 million in debtor-in-possession (DIP) financing to replenish merchandise stocks, a smaller amount than the R$ 1 billion initially sought.

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