Havanna’s Brazil operator joins group in out-of-court recovery

Café del Plata, responsible for operating Argentina’s Havanna chain in Brazil, is part of a group of companies that has requested a São Paulo court to approve an out-of-court restructuring plan to renegotiate R$127 million in debts with financial creditors. The move adds to the growing list of companies turning to the courts to tackle financial difficulties.

According to documents obtained by Valor, the request also includes Aeger Comercial e Importadora, Casma do Brasil, Delfos Comércio de Perfumes e Cosméticos, DGA Doces del Plata Administradora de Franquias, and Fly Shopping Comércio de Perfumes, Alimentos e Artigos de Presente.

The petition explains that the companies operate in an integrated manner, share guarantees, have common control, and maintain financial relationships among themselves. Hence, they advocate for a joint restructuring.

When reached for comment, Havanna Brasil stated that the process arises from “obligations contracted by other companies within the shareholder group of Havanna, unrelated to operational or financial issues” of the network. However, it emphasized that the company is jointly liable for the group’s debts. According to the company, the out-of-court restructuring aims to prevent these obligations from affecting its operational capacity and its commitments to suppliers, franchisees, and partners.

This joint liability means, in practice, that the food operation is responsible for debts incurred by companies in other segments of a group that has been active for over 30 years in cosmetics, perfumery, personal hygiene, and food.

In the petition, the companies claim that Café del Plata is not facing an economic or financial crisis on its own. They maintain that its activities “are continuously growing and gaining more space in the Brazilian market.”

However, the company was included because its operations and guarantees are said to be interconnected with those of the other companies. According to the request, its exclusion “would render the complete restructuring of the activity unfeasible.”

This claim of growth contrasts with the scenario described by the company itself to Valor in an interview before the process became public. Havanna Brasil postponed its target of reaching 500 stores in the country from 2026 to 2028 and reduced its revenue projection for this year from R$500 million to R$450 million. The R$500 million mark is now expected in 2027.

At the time, Adriana Villela, co-founder and growth director of Havanna Brasil, attributed the revision to the retail sector’s performance and the greater caution of franchisees.

“This year we had to survive. I would like to invest more, but it’s impossible,” she told Valor then. Villela also mentioned the holiday calendar, which reduced foot traffic in shopping malls, and investors’ caution due to the FIFA World Cup and elections.

Villela identified occupancy cost as the main challenge for the operation. “The biggest problem today is rent. The occupancy cost has become very high,” she said. According to her, the billing model of the enterprises needs to keep up with the changes in retail.

The diagnosis aligns with the one presented to the court. While explaining the financial deterioration of the other companies, the group states that more than 90% of its sales points are in shopping centers, a segment that has experienced a flow reduction in recent years. At Havanna, the concentration is even greater: nearly 97% of the 250 units are located in such establishments.

The petition also cites the effects of the pandemic, which led to increased indebtedness to finance operations and support clients and franchisees. Subsequently, defaults and rising interest rates increased cash flow pressure.

According to the companies, a significant portion of the debts was contracted when the Selic policy rate was below 3%. The subsequent cycle of monetary tightening, with interest rates above 12%, raised financial expenses.

Havanna’s expansion in Brazil is almost entirely through franchises. Of the 250 units, only three are company-owned and function as training stores.

In the first half of the year, the network sold 163 new franchises, although some are still awaiting approvals in shopping malls and airports. In the same period, according to the company, more than 30 operations were opened.

Investments range from R$180,000 in the Express model, of 8-square-meter stores, to over R$500,000 in cafes and hybrid units. Ice cream parlors require investments starting at R$400,000. The average return period reported by the company is 18 to 24 months.

When asked about the debt amount attributable to Café del Plata, the communication of the process to franchisees, and the Argentine headquarters’ knowledge, the company did not respond.

In a statement sent to Valor, the chain declared that the business “is in strong expansion” and maintains the plan to reach more than 700 points of sale in different formats by 2030 in Brazil. This target differs from the one previously presented to Valor, which aimed for 500 stores by 2028.

The company also intends to expand product categories with dulce de leche and advance the brand’s distribution in the food retail sector.

The Brazilian operation will celebrate its 20th anniversary in 2026 and is the largest Havanna network worldwide in terms of store numbers. It is also used by the headquarters as a format laboratory. Of the 250 units, 90 are of the “heladeria” or hybrid model, combining cafe and ice cream parlor.