Another victim of the coronavirus: GRIMOLDI went into default
In a statement dated April 28, 2020, addressed to the National Securities Commission, the Buenos Aires Stock Exchange and the Electronic Open Market, the GRIMOLDI company informed the holders of Negotiable Obligations issued and the market in general, that “due to the current macro-economic context of Argentina and the impact produced in the footwear industry, and in particular in the company, by the quarantine decreed related to COVID-19, the company has notified on the day of the date that will not make the payment of the fee corresponding to the 11th maturity of the interest services of the Series VIII Class II Negotiable Obligations. The Company is analyzing the different existing financial alternatives in order to be able to make a viable proposal to the holders, as soon as possible”.
According to bank sources, next Thursday, GRIMOLDI was to pay 7.4 million pesos for three months of debt interest.
It should be remembered that as a result of the prolonged recession, last year the company requested a loan of 235 million from Santander Río, Galicia, Macro, Comafi and Francés banks, with a term of 48 months. In that period, it had to carry out a strong commercial and manufacturing restructuring to reduce a debt of 800 million pesos, and cede the collection of credit cards to the creditor banks.
The company that was founded in 1895 is listed on the local stock exchange, and in the middle of last year, it had requested Crisis Preventive Procedure due to the pressing financial situation.
After 125 years of experience, GRIMOLDI became the leading footwear brand in Argentina, with 77 stores throughout the country and manufacturing plants in Buenos Aires and Santa Fe.
Among the international brands it sells, HUSH PUPPIES, KICKERS, TIMBERLAND, MERRELL, VANS, CATERPILLAR and NORTH FACE stand out.
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