The owners of Fair & Good recognized that the Chinese fund JF Capital has not met the deadlines established for the entry of the necessary resources in order to advance the company’s rescue plan within the established deadlines.
The first term that had been established expired on May 10 for the payment of the debts caused from the admission to the reorganization until April 30, 2022”, which were of the order of 135 billion.
He adds that “this led us to trust in a definitive rescue of the company. To the above, we must add that, to date, no resources have been entered into the SAS Merchandise accounts, nor was there any news that any third party had made payments by the company”.
According to the company, neither has the judge of the Superintendency of Companies received the report explaining the structuring of the proposed business, the mechanism, the amount of the operation and a capitalization plan.
“Our responsibility to all of you is to inform you that, given that there was no report or payment to date, we see our operation as unfeasible. we will close preventively our stores and distribution centers and we will prioritize the safety of all members of the team of Fair & Good who, to this day, have believed in this project. We will work hand in hand with the control entities to advance in the following steps of the process.
In this difficult time, we want to honor those who, like us, believe that improving the quality of life of thousands of people through a supply of quality products at fair prices is a worthwhile effort. We hope to update the status of the process before the aforementioned hearing.