The company, with 543 physical stores, indicated that the economic crisis caused by the pandemic affected its finances, but it is still viable.
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Three years ago, Tostao ‘opened its 100th store in Colombia in the midst of an aggressive strategy of opening physical points and with the promise of having a concept of premises “that have no strata.”
Now, with 543 points of sale, in the midst of the crisis generated by the covid-19 and complaints from tenants about the non-payment of the lease of some premises, the chain announced that on June 26, it requested the Superintendency of Companies entry to the emergency reorganization process allowed by Decree 560 of 2020, in order to seek solutions for the payment and fulfillment of the company’s debts with its creditors.
Despite the impact that this decision may have on its users, creditors and suppliers, Tostao’s general counsel, ‘Helder Jacinto, assured that the measure is designed for the recovery of the companies that still continue with a viable market projection, Despite his current liquidity problem, he promised to fulfill his obligations.
“It is important to clarify that the beginning of this process shows the viability of the company and the continuity of the development of its corporate purpose. In accordance with the foregoing, Tostao ‘undertakes with each of its creditors, that once it is admitted by the Superintendency to the negotiation process, it will communicate directly with each of them, in order to inform how the process will develop and the definition of payment of outstanding obligations to date, ”he said.
During the quarantine, the company, which generates 3,500 direct jobs, announced an alliance with Justo & Bueno and Farmalisto in order to preserve the jobs of at least 400 of its employees and strengthen customer service in high demand due to the crisis. of the covid-19.
The goal was for Tostao ’employees who were unable to attend stores to meet customer service and healthcare needs. Even in the case of Farmalisto, it would assume the salary and benefits burden of the employees hired by the coffee and bread chain.
Other measures that the company took in recent months to alleviate the crisis were the opening of a basic basket business line; the implementation of a special line of institutional and wholesale sales; the ‘call center’ service for addresses from their physical points of sale; and also established agreements with Domicilios.com and Rappi to attend orders with greater coverage and agility.
According to the legal director of Asobares, David Contreras, this is another of the great proofs of the crisis facing food companies, restaurants and bars.
“Tostao’s decision ‘reflects the crisis that all merchants and entrepreneurs in the country are going through. This is not that it is done by their own will, but that the same situation forces these extreme measures to be taken because there are no more ways to survive, “he said.
Therefore, although the executive highlighted the measures that the Government has issued in favor of employers, such as subsidies for the payment of payrolls and bonuses, he warned that if the national administration does not increase its aid and aid for the sector, there will be several news similar by small, medium and large companies in the country that will continue to expand the problem of unemployment and inequality due to the lack of opportunities to face the situation.
“This also occurs when the government measures are insufficient because it is necessary, popularly, to resort to this business reorganization or, even, to the liquidation process, to clean up the obligations with the employees and creditors. The measures do not manage to clean up the entire situation, they have favored the business community, but they have not been sufficient, “he said.
Other companies in the sector ask the government to resume activities
Through social networks, several restaurants and food sales companies asked the government to approve the different protocols that they are already working on so that they can reopen their businesses as soon as possible.
Juan Manuel Barrientos, founder and executive chef of El Cielo restaurant, is the one who leads the initiative that seeks to achieve a working table with the Presidency of the Republic that allows them to work on the reopening and economic recovery of the restaurant industry in Colombia.
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