Grupo Famsa files for bankruptcy in Mexico and the United States

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MEXICO CITY – Mexican retailer Grupo Famsa on Thursday said that a shareholder meeting authorized a request to file for Chapter 15 Bankruptcy in the United States and bankruptcy in Mexico.

“The presentation of both applications has been carried out before the competent jurisdictional authorities,” the retailer said in a filing to the Mexican stock exchange.

“Grupo Famsa will seek to reach an agreement and a comprehensive solution by restructuring its liabilities through dialogue with creditors so as to strengthen its financial situation, safeguarding its interests and those of creditors.”

Grupo Famsa S.A.B. de C.V. was founded in 1970 in Monterrey, Nuevo León, consolidated as one of the leading companies in the retail sector, focused on satisfying the diverse consumption, financing and savings needs of families.