By Tatiana Bautzer
SAO PAULO, Aug 24 (Reuters) - The founder and chief executive officer of Brazil's online shoe retailer Netshoes Ltd , Marcio Kumruian, is working with Goldman Sachs to look for a partner willing to inject cash in exchange for a stake, after the bank helped the company refinance its debt, two people with knowledge of the matter said this week.
Most of the banking debt had already been refinanced by the end of the second quarter, the company announced earlier this month, with the extension of maturities by one year on average and variable grace periods in banking debt and local bonds.
But the company has failed to find a partner as yet, added the sources, who asked for anonymity because talks are private.
Netshoes and Goldman Sachs declined to comment.
Chances of closing a deal with an investor are small, one of the sources said, because Kumruian is pressing for a valuation that is considered unrealistic. The source did not elaborate on the expected price per share.
Netshoes' key shareholders, such as investment firm Tiger Global Management LLC and Singapore's sovereign wealth fund GIC Pte Ltd, are not willing to inject more cash into the company at the moment, the sources added.
Tiger and GIC did not respond to requests for comment.
Since the company's initial public offering in New York 16 months ago, Netshoes shares have lost around 90 percent of their value, and the current market capitalization is $67 million.
Investors have been dumping the stock as promises of growth have not been delivered and the company kept piling up losses and burning cash.
Netshoes' cash and short-term investments fell from 420 million reais ($107 million) to 75 million reais ($19 million)in the 12 months ending last June. The company had net losses of 194 million reais in the same period.
In the second quarter, Netshoes lost 38 million reais and said its sales had fallen 2.5 percent due to the impact of a truckers' strike that paralyzed the Brazilian economy in May. ($1 = 3.9122 reais) (Reporting by Tatiana Bautzer in Sao Paulo Editing by Matthew Lewis)