AXO GROUP, NIKE’S REPRESENTATIVE IN SOUTH AMERICA, DECLARES IN THE RED

The Mexican Company, focused on importation and commercialization of major clothing brands around the world, has received a US$ 118 million loan from a bank group of Mexico and shows that the company has at least a million in the red.

AXO Group, a mexican company representative of international-class brands like Nike in Argentina, Chile and Uruguay, has agreed to acquire the chain store of Tennix who manages The Athlete’s foot and TrueKids in the mexican market even though they recognized they were in the red.

In 2018, Axo Group requested for a loan to several Banks in México (BBVS Bancomer, HSBC México and Banco Mercantil del Norte) after being involved in allegations of violations to the Market of Capitals Law and pointed for the millionaire payment of bribes in the cause known as FIFAGATE. During 2018 this company was also denounced for the links and relations with his Indian subsidiary Shahi Exports, pointed in India for slave labor and women abuse.

At the beginning of 2017, AXO issued bonds for US$ 48.2 million and ended the first semester of the year with almost US$ 1.0 million in the red, 953.321 for being more specific, despite the fact that the company invoicing went up according to the previous year. At the end of 2017, AXO declared 52.4 million in the red.

In this opportunity, as regards of the acquisition of Tennix, AXO had obtained a credit facility into two tranches but the amount doesn’t transcended