The dismissal of Currás allocation: milestones of the crisis that almost ended with Day

The imputation of Ricardo Currás, is the latest milestone in the crisis of the supermarket chain Dia, a process of deterioration that appeared in August of 2018

The dismissal of Currás allocation: milestones of the crisis that almost ended with Day

The imputation of Ricardo Currás, is the latest milestone in the crisis of the supermarket chain Dia, a process of deterioration that appeared in August of 2018, with the dismissal of Ricardo Currás, but that was brewing for at least a year before. These have been the main milestones of the process.

Dismissal of Currás . In August of 2018, after several quarters of falling profits and sales, the company fired its ceo, Ricardo Currás, which was replaced by Antonio Coto, until then responsible for the business in Argentina and Brazil. Only lasted in the post until in December he was replaced by Borja de la Cierva.

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The council of the Day incorporates a technological profile with the signing of the responsible entradas.com Day bounces off almost 40% in the Bag after completing the capital increase of The supermarkets Day lose 500 million and its sales fall 7% until September

Trimming of estimates . The October 15, 2018, the company reported that the results of the year 2018 would be bad and they had to reexpress the accounts of 2017, what we already supposed to be indicative of the management accounting of the dome-headed Currás. Some and other things caused a fall in Stock market 42.2%. A few days before, the Russian tycoon Mikhail Fridman stood at the edge of the opa to reach the 29% of the shares.

In bankruptcy, and opa . In February 2019, Dia, whose deterioration of stock caused him to put on the Ibex 35, put numbers to your crisis: in 2018 lost 352 million and entered into a state of bankruptcy technique. After months of rumors, this month, Fridman launched a takeover bid of low cost to monitor the business and promised to reflotarla. His rescue plan was opposed to the dome that ran out Of the Doe.

The shareholders decide . In march, the shareholders chose Fridman and gave via free to your plan of rescue. While the shareholders decided whether to go to the opa of Letterone —Fridman puts the law of tobs for asegurársela—, the business continued to deteriorate at a feverish pace, threatening even the survival of the company.

Fridman manages to control . In may, near the boundary to be dedicated to the contest of creditors, the Russian tycoon completed his takeover bid, achieving the 70% of the shares and taking the control of the council. In extremis, reached an agreement with the bank to relax the payment of the debt (more than 1,700 million). The agreement was a condition to the capital increase of 600 million. After her, already in September, Letterone happened to have 74.8%.

The bad image weighs . After a year of crisis, the deterioration of the image of the Day continues to hamper its sales: as of September, fell 7% and losses increased to 504 million.

Updated Date: 17 January 2020, 23:00

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