Supply Chain · Profile from Supply Chain Research Companion
Americanas
One of Brazil's oldest and largest retailers — founded in Niterói in 1929 by a group of Americans (hence the name, reported), controlled from 1982 by the Banco Garantia partners Jorge Paulo Lemann, Marcel Telles and Carlos Alberto (Beto) Sicupira, the investors who went on to found 3G Capital in New York and to buy Anheuser-Busch, Burger King and, with Berkshire Hathaway, Heinz and Kraft — that collapsed in January 2023 when it disclosed ~R$20bn of "accounting inconsistencies" centred on supplier finance (risco sacado): bank-funded payments to suppliers booked as trade payables rather than debt. Within days it was in judicial recovery (Brazil's court-supervised reorganisation) with debts reported at ~R$43bn. Creditors approved a plan on 19 Dec 2023; a ~R$24.5bn capital increase in 2024, ~R$12bn of it from the reference shareholders, left banks and the trio as the main owners; and a Rio de Janeiro court closed the judicial recovery on 19 Oct 2026 (reported). Federal prosecutors have charged 13 former executives and the securities regulator's staff has accused the former CEO of leading the fraud; those cases are unresolved and the accused deny wrongdoing. Its supply-chain lesson is the one in this knowledge base's sections 18 and 23: supply-chain finance can hide debt in working capital — and when it is uncovered, the supply chain (suppliers' credit, stock on shelves, the store network) is what shrinks.
At a glance
- Founded
- 1929, Niterói (Rio de Janeiro state), as Lojas Americanas, by Americans reported as John Lee, Glen Matson, James Marshall and Batson Borger (verify names)
- Headquarters
- Rio de Janeiro, Brazil
- Ownership / structure
- Listed on B3 (São Paulo), ticker AMER3. After the July 2024 capital increase the reference shareholders (Lemann, Telles, Sicupira) held ~49.2% (from ~30.1%) and creditor banks became large shareholders, with three-year lock-ups (reported)
- Leadership (2026)
- Leonardo Coelho Pereira, CEO from 2023 (reported; verify still in post); Sergio Rial was CEO for ~9 days in Jan 2023 before resigning on 11 Jan 2023 (company)
- Segments
- Physical stores (conventional and Express formats); digital (Americanas.com, marketplace); Ame Digital (fintech, reconsolidated end-2025); discontinued: Hortifruti Natural da Terra (HNT, produce chain) and Uni.co (franchise brands such as Imaginarium and Puket, sold 2025–26)
- Scale
- FY2025: GMV ~R$17.0bn (−9.1%; physical R$15.8bn, digital R$1.0bn, −67.7%); net revenue ~R$12.3bn (−1.2%); adjusted EBITDA ~R$1.1bn; net loss ~R$271m (continuing operations +R$98m); 1,470 stores at end-2025 (906 conventional, 564 Express; 1,587 a year earlier); gross debt ~R$2.0bn (all debentures); cash and card receivables ~R$2.5bn (company 2025 results release, Mar 2026)
- Signature moves (incl. failures)
- Founding by Americans (1929); Garantia partners take control (1982); B2W Digital with Submarino (2006); Americanas S.A. combination and acquisitions (2021); the accounting-inconsistencies disclosure (Jan 2023, failure); judicial recovery and the creditor plan (2023); the R$24.5bn capital increase (2024); criminal charges and regulator findings (2025–26); exit from judicial recovery and asset sales (2025–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1929
Founding by Americans in Niteroi
Founding
1982
Garantia Partners Take Control
Acquisition (control)
2006
B2W Digital Merger with Submarino
Acquisition or merger
2021
Americanas SA Combination and Acquisitions
Merger (combination of parent and listed subsidiary); acquisitions (Hortifruti Natural da Terra, Uni.co and others)
2023
Accounting Inconsistencies Disclosure
Regulatory, customs or legal action (disclosure of misstatements); failure
2023
Judicial Recovery and Creditor Plan
Restructuring or bankruptcy (*recuperação judicial*)
2024
R24bn Capital Increase and Bank Shareholders
Financing (capital increase, debt-for-equity conversion)
2025
Criminal Charges and CVM Findings
Regulatory, customs or legal action (against former executives; administrative proceeding naming the company)
2026
Exit from Judicial Recovery and Asset Sales
Restructuring (exit from judicial recovery); divestment (Uni.co, Hortifruti Natural da Terra stores)