Zamp, the company running Burger King” data-wpil-keyword-link=”linked”>Burger King and Popeyes in Brazil, has signed an agreement to purchase the assets of Starbucks Brazil from SouthRock for BRL 120 million (USD 22.7 million).
In March, Subway Brazil, another brand under SouthRock, filed for bankruptcy protection with debts over BRL 482 million.
Last November, SouthRock also filed for bankruptcy protection, unable to repay BRL 1.8 billion in debt after losing the rights to the Starbucks brand. In February, SouthRock managed to exclude the Eataly restaurant and retail group, another of its international brands, from the bankruptcy proceedings and sold it to a fund for BRL 15 million.
Zamp’s offer includes assets and rights that are part of Starbucks’ operations in Brazil, which would be connected to a new company formed with SouthRock. Since the brand is under judicial reorganization, the deal would proceed through a closed proposal competition within the bankruptcy process. The agreement gives Zamp priority in the bidding, allowing them to match offers and receive compensation if they do not win.
The deal’s completion depends on court approval, endorsement from Starbucks in the U.S., and approval from Brazil’s antitrust authority, Cade.