Livraria Cultura, on Av. Paulista, closes after court decision

Livraria Cultura, on Av. Paulista, closes after court decision
Livraria Cultura, on Av. Paulista, closes after court decision
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The company is in judicial recovery and the iconic store in São Paulo had previously been closed

Livraria Cultura announced on Monday (April 1, 2024) the definitive closure of the store in Conjunto Nacional, on Avenida Paulista, in São Paulo. The place has had rent debts since 2020, totaling more than R$15 million.

Over the past 3 years, we have been in constructive discussions with the landlord regarding the rental rate, seeking an agreement that would allow us to continue operating in this iconic location.,” the company said in a statement. “Unfortunately, despite our mutual efforts, we were unable to reach a viable solution for both parties”, he added.

Cultura’s judicial recovery plan was approved by the STJ (Superior Court of Justice) in May 2021. On February 22 of this year, minister Raul Araújo denied a request from the bookstore to suspend an eviction order from the unit on Avenida Paulista.

According to Araújo, the company’s bankruptcy process cannot mean “a heritage shield” against creditors. “Along these lines, the judicial recovery court should not allow excessive protection to the company, imposing the burden of restructuring exclusively on creditors who have been waiting for a long time for their credits to be satisfied.”, he wrote in the decision. Here is the full text (PDF – 213 kB).

The store had already been closed by previous court decision. In June 2023, however, the suspension of a bankruptcy injunction made it possible to reopen the unit in Conjunto Nacional.


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Read the full note from Livraria Cultura:

“Over the past 3 years, we have been in constructive discussions with the landlord regarding the rental rate, seeking an agreement that would allow us to continue operating in this iconic location.

“Unfortunately, despite our mutual efforts, we were unable to reach a viable solution for both parties. The current market scenario, especially accentuated by changes in consumer behavior, consolidated during the pandemic, has made maintaining a large bookstore like ours in this location challenging.

“As a result, and with a view to the sustainability of our operations, it was inevitable to make the difficult decision to look for a new space that better adapts to the current demands and realities of the editorial and retail market.

“It is important to highlight that Livraria Cultura is committed to continuing to serve the community of readers in São Paulo and Brazil as a whole. We are working on new strategies and opportunities that we will soon announce, aiming to continue our mission of promoting culture and access to knowledge.”


The article is in Portuguese

Tags: Livraria Cultura Paulista closes court decision

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