Thu 05/20/2021 13:50 PM
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Relevant Document:
Grancasa 2017 Report (in Italian)

Bank lenders of Italian home furnishing company Gruppo Grancasa are considering hiring a financial advisor to conduct an independent business review on the company’s industrial plan, sources told Reorg. Continue reading for our EMEA Middle Market team's reporting on Gruppo Grancasa, and request a trial to access insight and analysis on hundreds of other performing, stressed and distressed credits in Europe. 

Gruppo Grancasa completed a debt restructuring process in 2020 and has more than €120 million of debt, sources said.

In the first two months of 2019, Grancasa’s revenue dropped 26% year over year due to decreasing sales in the electronics and appliances segments, according to the Italian association of workers tourism trade services, or UILTuCS.

In 2018, Grancasa initiated a strategic plan to relaunch the business for 2018-2022. On Dec. 4, 2018, the Italian law firm Molinari e Associati assisted Grancasa in the signing of two loans amounting to about €100 million to support the relaunch and growth plan. The banks were advised by law firm Simmons & Simmons, according to AziendaBanca.

According to Gruppo Grancasa’s 2017 report, the latest available, its total debt was €131.7 million compared with €136.6 million a year earlier, while liquidity fell to €2.06 million from €2.09 million in 2016.

Gruppo Grancasa’s loss widened in 2017 to €14.7 million from a loss of €9.5 million in 2016 and EBITDA declined to negative €10.5 million from negative €3.1 million. Net sales also dropped 19.8% to €164.2 million in 2017 versus €204.9 million in 2016 as a result of the disposal of the sports segment in the Varese store of Gerenzano in October 2017, the group said in the report.

Grancasa sells furniture, kitchen appliances, home accessories and technological devices. Its chairman and CEO is Nazzario Pozzi.

--Caterina Dassié, Luca Rossi
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