The National Court in Commercial Matters No. 7 decreed the bankruptcy of Garbarino, the historic appliance chain, and ordered the complete liquidation of the company. The decision was signed by Judge Fernando D'Alessandro in the ruling dated March 4 but made public this Thursday. D'Alessandro justified his decision by stating that there was no longer an alternative to save the company, as it failed to gather the majorities needed to approve a payment agreement; the appliance chain had filed for preventive bankruptcy in 2021. In this way, Garbarino loses control of its assets and property, and control will pass to the court-appointed receiver. The government failed to reach an agreement between the company and the union. The deadline for mandatory conciliation expires on March 11. The ruling also disqualified Carlos Rosales (president), María Marta Facio (vice president), and Gabriel Rosales (director) from engaging in commercial activities and barred them from leaving the country until October 2026, when the receiver presents its report. The locations on Avenida Cabildo, Uruguay Street, and in the Almagro neighborhood were closed, and their inspection was also ordered. Not only Garbarino, but the bankruptcy decision will also affect the firms Tecnosur and Digital Fueguina, both from Tierra del Fuego, as they are companies with shareholdings. The Garbarino case adds to a list of companies that have conflicts or have declared the definitive cessation of their activities, according to a survey by the Noticias Argentinas news agency. Argentina in crisis: labor conflicts are increasing and the situation of companies is worsening. One of the most recent cases is that of Fate, which closed its plant after having operated for more than 80 years.
