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Os pedidos de recuperação judicial dispararam em 2015, atingindo número recorde no ano em que a lei 11.101/05 completou uma década. Segundo dados divulgados pelo Serasa, foram 1.287 requerimentos, representando um aumento de 55% em relação ao ano anterior, com 828, e de 47% em relação a 2013, que até então permanecia com o maior número de ocorrências.

No primeiro quadrimestre de 2016, o ritmo de pedidos seguiu ainda mais acelerado, com 516, 50% a mais se comparado ao mesmo período de 2015, com 256. Se o mesmo ritmo for mantido, teremos até o final do ano mais de 2.550 ocorrências, um número estrondoso.

Mas o que chama a atenção não é somente o volume de recuperações judiciais, consequência direta do quadro recessivo pelo qual atravessa a economia brasileira, mas a mudança do perfil das empresas que se utilizam do instituto.

O primeiro ponto a ser observado é o crescimento da participação das grandes empresas que recorrem ao Judiciário, considerando que a esmagadora maioria dos pedidos costumava partir de pequenas e médias empresas, mais vulneráveis. Ainda de acordo com os dados do Serasa, nos últimos 03 anos, a participação das grandes saiu de 15% em 2013 para 17% em 2014, atingindo a fatia histórica de 20% em 2015 (o Serasa classifica como grande as empresas com faturamento acima de R$ 50 milhões). Grande parte desse crescimento pode ser atribuído aos setores de Óleo e Gás, Sucroenergético e às empresas investigadas pela operação Lava Jato.

O segundo ponto que salta aos olhos é o aumento significativo de empresas de varejo ingressando com pedidos de recuperação judicial. Nestes primeiros 10 anos de aplicação da nova Lei de Recuperação e Falências, a indústria era o setor que, em proporção, mais fazia uso do instrumento. Entretanto, 2015 e o primeiro quadrimestre de 2016 marcaram uma mudança nesse cenário, com um número cada vez maior de grandes varejistas acionando o Judiciário com o objetivo de renegociar suas dívidas.

Os fatos evidenciam não apenas a acentuada crise econômica a que chegamos, mas a pujança a que chegou o varejo brasileiro, tanto em porte quanto em desenvolvimento. Lembro que, em 2010, ao visitar a sede de uma das maiores redes de franquias nacionais, com várias unidades também no exterior, ouvi do fundador-presidente da empresa que o Brasil possuía uma indústria de “1º mundo”, mas um varejo de “3º”.

Ocorre que, na década passada, a facilidade de acesso ao crédito, baixa inflação e ascensão da classe C, que em 2002, representava 37% da população e hoje cerca de 60%, fazendo do Brasil um país de classe média, o varejo nacional passou por uma enorme evolução. Tanto pelas janelas de oportunidades abertas pelo alto consumo, quanto pela competição estimulada por concorrentes internacionais, que iniciaram e expandiram suas operações no país.

Essa evolução resultou numa onda de consolidação, formalização e profissionalização na gestão das redes varejistas nacionais.

Atualmente, guardadas as devidas proporções, podemos traçar um paralelo do varejo brasileiro com o norte-americano (o maior e mais desenvolvido do mundo), tanto pela relevância que grandes redes varejistas ganharam no cenário nacional e regional, quanto pelo grau de dificuldade e desarranjo que podem enfrentar, em decorrência de fortes quedas nas vendas, alto endividamento, estruturas de custos elevadas e perda de competitividade, em detrimento de modelos de negócio mais eficientes.

Contudo, coloco em perspectiva uma breve análise dos dois segmentos do varejo mais afetados no momento: Móveis e Eletrodomésticos e Vestuário.

O setor de Móveis e Eletrodomésticos, que aproveitou como poucos a forte expansão de consumo da última década, agora sofre como nenhum outro. A retração no segmento foi a mais severa, com queda de 14% nas vendas. A crise atingiu principalmente redes com estruturas inchadas e que ainda se encontram em fase de transição do modelo físico para o virtual.

Nos últimos cinco anos, as vendas de eletrodomésticos, eletrônicos e móveis aumentaram num ritmo acelerado, representando um salto de 56%, ou R$ 50 bilhões, enquanto a economia brasileira registrou taxas de crescimento marginais.  A vendas de bens duráveis são diretamente proporcionais a oferta de crédito. Enquanto havia crédito disponível as vendas desse segmento aumentaram bem acima do que a do comércio em geral. A paralisação da oferta de crédito provoca exatamente o efeito contrário e o resultado nas vendas é catastrófico.

A falta de perspectiva quanto ao retorno das linhas crédito, tem forçado as empresas a baixar preços, reduzir custos e repensar os modelos de negócio. E sob esse aspecto os ajustes impostos pela crise podem ser considerados benéficos, pois forçam os varejistas a se atualizar e antecipar tendências. Muitas vezes, para viabilizar esse processo de reestruturação, assegurando a continuidade e retomada de operações viáveis, a recuperação judicial se faz fundamental. Somente em 2015 foram 6 casos de recuperação de grandes varejistas desse segmento, segundo a classificação de porte do Serasa.

A paranaense Darom Móveis, do grupo Simbal, com cerca de 90 lojas em três estados, somando dívidas de R$ 200 milhões, ou 40% da receita bruta do grupo. A também paranaense Liberatti, de eletroeletrônicos, com cerca de 90 lojas em São Paulo, Paraná e Rondônia fechou 69 unidades e demitiu 450 funcionários. A mineira Eletrosom, uma das 15 maiores varejistas do Brasil, com 184 lojas presentes em sete estados e no Distrito Federal, receita líquida de R$ 924 milhões, 3 mil funcionários e dívida superior a R$ 200 milhões. A catarinense Schumann Móveis e Eletrodomésticos, com mais de 80 filiais, distribuídas nos três estados da região Sul do País e dívida de aproximadamente R$ 130 milhões. A Dadalto, maior rede varejista do Espírito Santo, com 78 anos de mercado, anunciou o fechamento de 14 lojas em Minas Gerais, Rio de Janeiro e Espírito Santo, com dívidas acima de R$ 123 milhões. As lojas de departamento cearense Esplanada Brasil, com 24 unidades em sete Estados e criada há 60 anos.

Em 2016, foi a vez do Grupo Volpato, com mais de 50 lojas no Rio Grande do Sul e Santa Catarina e 45 anos de atividade fechou 20 lojas e reportou dívidas em torno de R$ 80 milhões.  Os gigantes do setor, embora não tenham recorrido à recuperação judicial, também sofrem as consequências da forte queda nas vendas. A Via Varejo (Casas Bahia e Ponto Frio), Magazine Luiza e Ricardo Eletro perderam valor de mercado, reportaram reduções significativas nos resultados, fechamento de lojas, demissões em massa e trabalham para reestruturar suas operações e o endividamento.

A necessidade de se reinventar não tem sido apenas dos varejistas brasileiros. Empresas tradicionais em todo o planeta também enfrentam o mesmo processo. A Circuit City, que chegou a ser a maior rede de eletroeletrônicos dos EUA e elencada como umas das 11 empresas feitas para vencer, no best-seller do guru Jim Collins, foi à falência em 2011 (Chapter 7). A Radio Shack, com mais de 4 mil lojas e mais de 90 anos de atividade no varejo norte-americano, também colapsou e entrou em recuperação judicial (Chapter 11). As maiores redes de eletrônicos da França, Duty e Fnac, se fundiram no final do ano passado com o objetivo de ganhar escala e viabilizar preços mais competitivos. A estadunidense Best Buy, passou por um processo de downsizing visando intensificar a prestação de serviços nas lojas, especializando-se em automação residencial e consequentemente desenvolvendo um atendimento educacional ao cliente.

Com o aumento do desemprego, da inflação e das taxas de juros, o brasileiro passou a economizar também com roupas. A retração do consumo ocasionou o fechamento de 9,7 mil lojas de vestuário em 2015, segundo dados do IBGE e da RAIS (Relação Anual de Informações Sociais), em sua maioria de pequeno porte. Nos 10 anos anteriores o saldo foi positivo em 5,7 mil lojas abertas, em média. A indústria de confecção também acumula um dos maiores níveis de demissões já registrados. Em 12 meses terminados em janeiro de 2016, 107 mil pessoas foram dispensadas nas confecções de todo o país.

Os grandes varejistas de moda, além da forte redução nas vendas, foram impactados pela baixa rentabilidade, agravada pelos seguintes fatores: concessão de descontos, aumento da inadimplência, desvalorização do real, que encareceu os estoques e o custo da mercadoria vendida (em alguns casos 50% dos itens das lojas são importados), aumento nos custos de energia e da folha de pagamentos e elevação do endividamento. Ressalta-se ainda que a disparada da inflação em 2015 resultou num aumento significativo nos alugueis cobrados em shoppings.

De acordo com levantamento da Serasa Experian, no ano passado, 13 varejistas de moda pediram recuperação judicial, ante oito requisições em 2014.

As recuperações judiciais e reestruturações no segmento sinalizam uma crise econômica mais extensa e acentuada, considerando que essas empresas possuem um ciclo financeiro mais curto, com produtos de preços mais acessíveis do que o de móveis e eletrodomésticos.

Fundada em 2006, a Barred’s, de moda feminina, pediu recuperação judicial em maio de 2016. A rede opera atualmente com 108 lojas no país e 578 funcionários, possui uma dívida total de R$ 104,2 milhões e um número de credores próximo a 330. Destes, os maiores são empreendedores de shopping centers. A receita bruta da varejista caiu 37,6% em 2015, para R$ 73 milhões.

O Grupo Colombo optou pela recuperação extrajudicial e negocia uma dívida total que beira R$ 1,5 bilhão.

A carioca Leader, que conta com 90 lojas espalhadas por diversos estados do Brasil e com dívidas que somam R$ 1 bi, teve pedido de falência confirmado pelo BTG Pactual, que adquiriu a empresa em 2012.

O grupo GEP, dono das marcas Cori, Luigi Bertolli, Emme e Offashion e franqueado exclusivo da marca Gap no Brasil, que possui um total de 97 lojas e dívida de R$ 513,25 milhões, ajuizou o pedido em fevereiro. Dentre as causas da crise, o grupo aponta a operação da Gap. Segundo o GEP, a tradicional varejista norte-americana não se atualizou ao modelo fast fashion e cometeu erros consecutivos em suas coleções mundiais nos últimos anos, o que vem afetando o desempenho do grupo brasileiro desde 2013. Em junho do ano passado, a Gap anunciou um plano para fechar 175 lojas na América do Norte.

É surpreendente observar um varejista brasileiro sofrendo as consequências de erros estratégicos de um varejista estadunidense, o que representa clara evidência da transformação pela qual também atravessa o varejo mundial da moda. Assim como a GAP, outros varejistas americanos incorreram no mesmo erro. O caso mais recente é o da Aéropostale que anunciou no início de maio pedido de recuperação judicial (Chapter 11). Fundada em 1973 e com 800 lojas no hemisfério norte, já foi um das marcas mais populares entre o público jovem, e enfrenta há anos a concorrência acirrada de gigantes do fast fashion como a H&M, Forever 21 e Zara.

Outro caso bastante semelhante é o da Quiksilver, tradicional marca da moda de esportes de ação, fundada em 1969, e uma das mais populares nos anos 90. Apesar de ter marcado época naquele período, mudanças de preferência do consumidor e aumento da competitividade no segmento de vestuário frearam a marca, que em novembro de 2015 também pediu recuperação judicial (Chapter 11). Assim como Aéropostale e Gap, depois de um período de crescimento, a empresa também luta para fazer frente aos varejistas de fast fashion.

A atual conjuntura da economia brasileira e as transformações em curso no varejo mundial desafiam as empresas do setor a se reestruturar e reinventar seus modelos negócio. Nesse contexto, o instituto da recuperação judicial tem permitido empresas viáveis a equacionar seu endividamento, reorganizar suas operações, a repensar e corrigir suas rotas e estratégias.

Autor: André Rocha – Sócio EXM Partners, especializada em turnaround e reestruturação de empresas.

Fonte: Artigo publicado na 2ª edição da revista do IBAJUD (Instituto Brasileiro de Administração Judicial)

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