Business
Brazil's Grupo Toky says court accepted judicial reorganization filing
Brazil's Grupo Toky says court accepted judicial reorganization filing
About this update from Grupo Toky Sa
Brazilian retailer Grupo Toky BMFBOVESPA:TOKY3 said on Monday that a Sao Paulo state court granted the firm's May filing of a bankruptcy protection proceeding, as it grapples with liquidity issues due to high debt and challenging economic conditions.Grupo Toky operates furniture chain Tok&Stok. The company had said last month that elevated interest rates, high household debt and restrictive credit have hurt sales in Brazil's furniture sector, which prompted its request for restructuring.