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By Jeffrey T. Lewis
SÃO PAULO–Grupo Casas Bahia’s shares plummeted 27% after the Brazilian appliance retailer sold new shares at a steep discount and changed its name.
The company formerly known as Via’s shares reached 81 Brazilian centavos, the equivalent of 17 cents, and were down 54% from the end of last year through Wednesday’s close. Brazil’s benchmark Ibovespa stocks index was up 0.7% in early trading.
The money-losing retailer said Wednesday after the close that it sold 779 million new shares for 80 Brazilian centavos each. The shares closed at BRL1.11 on Wednesday.
The company, which is closing stores as it tries to reduce losses, also approved a name change, recovering the Casas Bahia designation it used before its merger with former rival Ponto Frio.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
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