Alpargatas, the Brazilian footwear and apparel group, wants Carlos Roberto Wizard Martins to pay up. In a Sept. 2018 purchase and sale agreement, the investor struck a deal to acquire a 22.5 percent stake in Alpargatas S.A.I.C. from Alpargatas S.A. A first installment of the remaining purchase price equaling Brazilian reais 89.7 million (€34.3m) was not made by its March 6 due date. Given that, the group has declared early maturity on the remaining installments due from Martins and filed a legal action seeking nearly R$266.1 million (€48.1m) from the buyer at once. Alpargatas is also seeking an arbitration hearing to discuss the breach of agreement.
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