Brazil Retailer Guararapes Said to Tap Safra for Stake Sale (1)

Guararapes Confeccoes SA, the Brazilian conglomerate that owns fashion retailer Riachuelo, is working with Banco Safra SA as it mulls a potential stake sale, according to people familiar with the matter.

Shoemaker Arezzo Industria e Comercio SA and Grupo SBF SA, owner of sporting-goods retailer Centauro, are among the companies that have been approached, said the people, who asked not to be identified because talks are private. Neither decided to move forward with the deal, but other parties may still be involved in discussions, they added.

The Rocha family, which is the group’s controlling shareholder, is weighing a ...