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Americanas to officially put Hortifruti on the block

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Americanas, the retail giant facing a court-supervised reorganization, will formalize in the coming days the process of selling the Hortifruti e Natural da Terra chain, Valor found. The company had said Monday it has begun the process of seeking interested buyers for the Uni.co Group, owner of Imaginarium, Puket MindD, and Lovebrands. Citi has been hired to advise on the sale of the group’s assets.Since the crisis of Americanas was triggered at the beginning of the year, after the disclosure of accounting inconsistencies of R$20 billion - and the filing for a court-supervised reorganization with declared debts of about R$43 billion - the financial market and investors began to speculate which assets would be sold by the company to cover the hole.Americanas’s primary shareholders - billionaires Beto Sicupira, Jorge Paulo Lemann, and Marcel Telles - denied to interlocutors that they would get rid of companies acquired by the chain in recent years. However, with the pressure from creditors for the group to find a solution, the company decided to seek financial advice to define which businesses could be sold to generate cash.The sale of assets is foreseen in the company’s reorganization plan submitted to the courts in March.The sale of the Hortifruti chain and Grupo Uni.co will not solve the company’s crisis, according to the prevailing view in São Paulo’s financial hub. However, the decision to make the divestments official signals to the market that the group is committed to finding a solution to the financial and reputational crisis...

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