RIO DE JANEIRO (CN) — Casas Bahia, a retailer that has symbolized access to consumer goods for working-class Brazilians for more than seven decades, entered August with stores in roughly 1 in 10 Brazilian municipalities. The chain built its business by selling furniture and appliances on installment plans to low-income families, many of whom lacked access to banks.
That month, the company closed nearly 300 stores, laid off about 3,000 employees and filed for judicial reorganization, Brazil’s closest equivalent to Chapter 11. The filing made Casas Bahia one of the highest-profile companies to seek protection from creditors in a recent wave of cases. Through the proceedings, the company aims to restructure 17.3 billion reais ($3.46…