Credor da varejista Colombo briga com fundo e acionistas

Por Valor Econômico

SÃO PAULO – Três credores da varejista Camisaria Colombo resolveram comprar briga com a família fundadora da empresa e com a gestora de “private equity” Gávea Investimentos, que foi acionista da Colombo há três anos. Em recuperação extrajudicial desde o ano passado por uma dívida da ordem de R$ 1,3 bilhão, a Colombo pediu há dois meses um prazo novo para os credores para pagar uma parcela de R$ 100 milhões perto do vencimento. Argumentando receio de não ter a dívida quitada, esses três credores querem fazer a Gávea entrar na conta e acessar bens pessoais dos irmãos Álvaro e Paulo Jabur Maluf.

Por outro lado, o interesse e a idoneidade dos acusadores, as fornecedores de confecção Caedu, Blue Bay e Blue Center, também são colocados em xeque: um deles comprou uma fatia de uma varejista concorrente e teria conflito de interesses, e outro sofreu acusações criminais por importação fraudulenta de roupas. Em uma ação no Tribunal de Justiça de São Paulo, Caedu, Blue Bay e Blue Center pedem a interrupção de prazo de prescrição para o ajuizamento de ações judiciais de cobrança. O Valor apurou que há outra ação, esta de produção antecipada de provas e que corre em segredo de Justiça, onde eles dizem que a Gávea encomendou um relatório da Kroll para identificar irregularidades de gestão dos irmãos Jabur, e pedem acesso a esse material.

A Gávea entrou na Colombo em 2011, com uma estrutura de dívida de cerca de R$ 150 milhões, que acabou convertida em 30% das ações. Naquele período, o varejo brasileiro atraía fundos de investimento graças à economia aquecida e crédito farto para o consumidor.

A tese de investimento era simples, conforme dois executivos: a Colombo não depende de moda, vende principalmente camisas e ternos que, se não forem vendidos em uma estação, serão vendidas em outra, sem perda de estoque. Os credores dizem que aumentaram as linhas de financiamento e produtos para a varejista porque havia uma gestora renomada no comando — até aí, é parte do jogo. Em 2014, a Gávea ampliou a participação para 49,9%. Executivos próximos à gestora dizem que a relação era conflituosa e que a Gávea discordava da gestão dos irmãos.

A gestora questionava, conforme esses executivos, o uso do caixa da empresa para quitar contas pessoais dos Jabur, como gastos com segurança pessoal e patrimonial e plano de saúde de parentes. “Havia uma dificuldade grande em verificar se o estoque físico correspondia ao estoque contábil e também havia questionamentos sobre os contratos de importação”, afirma um dos executivos. O aumento de participação teria sido uma tentativa de tomar as rédeas da varejista. Mas, menos de um ano depois, em fevereiro de 2015, a Gávea comunicou sua saída da sociedade.

Segundo a argumentação dos credores, a Gávea teria usado o tal relatório da Kroll para pressionar os irmãos a recomprar sua participação. Conforme registros de cartório, os irmãos teriam transferido 66 imóveis pessoais e corporativos para a Mirador Empreendimentos, empresa dos sócios da Gávea, em troca das ações.

Para os credores, esses imóveis poderiam servir para quitar as dívidas da companhia com fornecedores e bancos, ao invés da recompra das ações.

Os credores também dizem que, se houve mesmo uma investigação interna, o conteúdo deveria ter se tornado público em caso de irregularidades. Executivos próximos à Gávea e aos irmãos Jabur consultados pelo Valor dizem desconhecer a existência desse relatório. Caedu, Blue Bay e Blue Center têm cerca de R$ 60 milhões de crédito por adiantamento de mercadoria à Colombo.

Fundada há 100 anos, a Colombo teve outros capítulos polêmicos recentes. Em meio à discussão sobre a dívida, em 2016, a rede negociou uma sociedade com o grupo Garnero. O grupo antecipou uma linha de US$ 100 milhões à Colombo e levantaria recursos no mercado americano para uma fusão da divisão de investimento da Garnero e da Colombo, estrutura de captação conhecida nos Estados Unidos como “Spac”.

Meses depois, o grupo Garnero informou que o acordo estava desfeito por descumprimento de cláusulas. Entre elas, estaria a apresentação de balanços financeiros auditados da Colombo — o que havia sido cobrado pela reguladora americana Securities Exchange Commission (SEC). Um ano antes, o Banco Pan tinha ingressado com uma ação de cobrança contra a Colombo, em que questionava a dívida real da empresa.

A Colombo e outras varejistas tinham obtido na Justiça uma proibição de inclusão de seu nome em cadastros negativos de crédito. Assim, quem consultava birôs de crédito, não conseguia identificar se a varejista estava inadimplente ou não. A dívida da Garnero acabou entrando no acordo de recuperação extrajudicial, solicitada em 2016 e homologada em março de 2017. No processo de negociação com credores, a Colombo contratou o escritório Felsberg Advogados e o banco Brasil Plural — executivos que saíram das duas empresas fundaram a Starboard, que passou a ser responsável pela reestruturação e condução dos negócios da Colombo atualmente. “A ação corre em segredo de Justiça, por isso não podemos comentá-la”, diz Pedro Bianchi, sócio da Starboard e ex-sócio do Felsberg. Sobre a dívida desses credores, Bianchi ressalta que está incluída no acordo extrajudicial.

“Os credores estão sujeitos à recuperação extrajudicial e não recorreram da sentença que determinou isso. Nitidamente, esse tema é para causar barulho e afetar a Colombo como concorrente.” Um executivo ligado à operação levanta questionamentos sobre a real intenção desses credores. Os sócios da Caedu, Luciano, João Vicente e Lucilene de Palma, foram acusados de importação fraudulenta em uma ação em 2014 — mas apontam na ação que movem contra a Colombo indícios de irregularidades na ex-cliente. Já a Blue Bay (do mesmo grupo econômico da Blue Center) teria adquirido uma fatia de outra varejista concorrente de vestuário, a TNG, segundo uma fonte.

“Há um conflito claro”, diz esse executivo. Procurado, Álvaro Maluf Jr. indicou Bianchi para comentar o assunto. A Gávea não comentou. O trio de credores é representado pelo escritório Warde Advogados, que também não comentou. A Kroll diz que não comenta sobre a identidade de seus clientes ou os detalhes de seus projetos.

As polêmicas estão centradas no passado da Colombo. Atualmente, a varejista segue sua reestruturação para fechar 2018, pela primeira vez em quatro anos, com resultado positivo. A Colombo saiu de um Ebitda (lucro antes de juros, impostos, depreciação e amortização) negativo de R$ 130 milhões e estima fechar em R$ 20 milhões positivo este ano. A Starboard enxugou o número de lojas, fechando cerca de 150 unidades, reduziu as áreas de lojas e o centro de distribuição, e a rede passará a vender somente vestuário masculino.

A renegociação referente aos R$ 100 milhões visa extensão de prazo e concessão de linhas novas, para seguir o plano de reestruturação, conforme o Valor apurou. A consultoria Bain Company também foi contratada recentemente, para definição de sortimento da Colombo.

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