The new investors will contribute between $50 and $70 million to pay outstanding salaries without layoffs. The head of the Asegurador PROF group, the CEO of the retail chain, the brothers who gave their name to the brand and the union led by Armando Cavalieri participated in the negotiations.

The head of the Argentine Federation of Commerce and Services Employees (Faecys), Armando Cavalieri, celebrated the pre-sale agreement between Garbarino and the PROF Insurance Group, which “allows the company to be saved from a truly pressing situation,” and which as part of its proposal “commits to paying salaries and guaranteeing their jobs.”

During a meeting with Carlos Rosales, head of the PROF Group, as well as protector of San Lorenzo, and Carlos García, CEO of Garbarino, Cavalieri expressed his “satisfaction for having reached an agreement,” and recalled “the union's accompaniment and support for the Crisis Preventive Process that, among other measures, allowed the company to stand and defend jobs, our main objective.”

The union member highlighted that "in the current context of the health emergency and the difficult situation of the economy, this pre-agreement provides a framework of tranquility and predictability for the more than 4,300 employees of the appliance chain."

Rosales reached this stage after agreeing to renegotiate the debt with the creditor banks, two large Galicia and Santander, and with the suppliers, while reaching an understanding with the union, the president of the chain, Carlos García, and advancing in the discussions with the brothers Daniel and Omar Garbarino.

A24