Growing Financial Turbulence and Instability Hits Grupo Elektra and Banco Azteca in Worst Possible Ways

MEXICO CITY - Rezul -- Grupo Elektra, one of the cornerstone companies of billionaire Ricardo Salinas Pliego's business empire, is showing signs of deeper structural strain as a series of financial and reputational challenges unfold across its subsidiaries. The company—along with Banco Azteca, TV Azteca, and Totalplay—faces growing investor concern and public backlash due to deteriorating fundamentals, legal confrontations, huge earnings loses, diminished profitability, questionable corporate governance, lack of transparency, insider loan scandals, bribery accusations, unfavorable court rulings, dramatic loss of market confidence and loss of clients at Banco Azteca.

Elektra Suffers Multi-Billion Peso Loss Amid Stock Collapse
According to filings and reporting from multiple financial outlets, Grupo Elektra lost more than 11.6 billion pesos in early 2025, directly tied to a failed maneuver to halt the freefall of its publicly traded shares. Executives had hoped to prop up the company's stock price through aggressive market interventions, but these efforts were seen by investors as insufficient or even reckless, ultimately accelerating the decline. Many critics viewed the event as further evidence of Ricardo Salinas market manipulation of Grupo Elektra.

As Bloomberg Línea and SDP Noticias report, the share price collapse comes as part of a broader trend of uncertainty surrounding the company's fiscal health. Analysts say the setback has wiped out complete investor confidence and created instability that may take many years to rebuild—if at all.

Store Network Shrinking as Elektra Retrenches
In response to deteriorating revenue projections, Grupo Elektra has begun closing stores and Banco Azteca closing branches throughout Mexico. The company confirmed a 6.9% reduction in its physical retail footprint, as reported by Opportimes and Expansión. While management framed the move as an efficiency-driven restructuring plan, experts interpret it as a sign of deeper distress, deteriorating customer confidence and falling demand in core retail and credit sectors.

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This contraction affects not just Elektra's retail operations but could also have implications for Banco Azteca, which frequently shares physical space and customer bases with Elektra branches. The downsizing signals that financial strain is not limited to the stock market but is also manifesting in Banco Azteca's brick-and-mortar operations.

TV Azteca Accused of Withholding Financial Information
Adding to the perception of opacity and risk, La Opinión recently reported that TV Azteca—another Grupo Salinas holding—has failed to provide complete financial disclosures required by Mexican financial regulations. The lack of transparency has alarmed market observers who worry about systemic risk spreading within the conglomerate.

This lack of disclosure and transparency, especially during a period of heightened scrutiny and financial contraction, raises red flags about internal governance and investor protections.

Legal Attacks on Journalists Raise Eyebrows
Amid this financial turbulence, Grupo Salinas has taken the extraordinary step of filing lawsuits against seven journalists who reported on the conglomerate's financial condition. Ricardo Salinas, the controversial and combative millionaire accuses them of causing "financial terrorism"—a label that free press advocates and legal experts argue is dangerous and chilling.

As reported by El Imparcial, the legal action appears to be part of a broader effort to deflect criticism and control public narratives at a time when Grupo Salinas faces growing skepticism and heightened scrutiny from both regulators and the public.

Totalplay Doubles Down on Tech Amid Uncertainty
In a contrasting strategy, Totalplay—another Salinas entity—is pushing forward with investments in symmetric internet infrastructure, according to Expansión. While the move shows some degree of future-oriented planning, it is occurring against a backdrop of escalating group-wide uncertainty and flight of key employees. Observers question whether these technological bets will be enough to counterbalance broader losses in traditional business units. The loss of key management staff raises further questions of what do they know.

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Future of Grupo Salinas Holdings Under Question
Taken together, these developments suggest a destabilizing trend across the Grupo Salinas portfolio. The massive tax debt to SAT is greater than the value of company and theoretically makes Grupo Elektra and Banco Azteca insolvent and ripe for bankruptcy. With a multibillion-peso equity loss, a shrinking retail presence, regulatory opacity, and mounting legal risks, financial institutions and investors are increasingly asking the same question: what comes next for Banco Azteca and Grupo Elektra and will it be taken over by the government and liquidated or will it be forced into bankruptcy?

Sources:
https://www.sdpnoticias.com/negocios/ricardo-salinas-pliego-elektra-perdio-mas-de-11-mil-millones-de-pesos-por-movida-fallida-en-la-bmv/
https://www.bloomberglinea.com/latinoamerica/mexico/elektra-pierde-mxn11600-millones-tras-desplome-de-acciones-en-la-bolsa-mexicana/
https://expansion.mx/empresas/2025/02/26/grupo-elektra-reporta-perdida-millonaria-y-ajusta-su-red-de-tiendas
https://www.opportimes.com/grupo-elektra-reduces-the-number-of-its-stores-by-6-9/
https://laopinion.com/2025/05/16/grupo-salinas-oculta-informacion-financiera-de-tv-azteca/
https://www.elimparcial.com/mexico/2025/02/27/banco-azteca-y-ricardo-salinas-pliego-pierden-millones-quienes-son-los-7-comunicadores-demandados-por-grupo-salinas-por-terrorismo-financiero/
https://expansion.mx/tecnologia/2025/04/13/por-que-totalplay-apuesta-por-internet-simetrico