Almost 70% of businesses in Rio de Janeiro defaulted in the last quarter – IFEC survey

Some 42.4% Rio de Janeiro businesses owe rent and in the city center the rate in April may reach 75%. For 83.3% of entrepreneurs, the economic situation has deteriorated further in the last 3 months.

RIO DE JANEIRO, BRAZIL - According to a survey by the Fecomércio Institute of Research and Analysis (IFEC), the level of default by companies in Rio reached an impressive 67.3% over the past 3 months. Among this percentage, 42.8% defaulted with suppliers and 42.4% failed to pay their rent.

Wilton Alves, Director of Asset Management for Sergio Castro Imóveis, says commercial rent defaults hit a record high in April: "By April 5th, almost 75% of commercial tenants in the central region had not paid their rents. Among them are many who have never been in default . . .

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