The Klein family of Brazil has disclosed its plans to sell off nearly 33% of its capital holdings in Via Varejo SA. Via Varejo SA is Brazil's biggest retailer in home appliances. 

The sale would be made through public offering, according to documents filed with securities regulators. The Klein family is the minority shareholder and its plan is to sell off 2 billion reais or US$988 million worth of shares, as confirmed by Brazilian newspaper Valor Economico.

The Kleins hold 47% overall of Via Varejo, which was initially a holdings company which merged with Grupo Pao de Acucar in 2010 to create the country's largest retail firm. As part of their deal, notice was sent to Pao de Acucar on the plan to sell 53.8 million common shares or one third of its shareholdings. 

The representatives for Via Varejo and the Klein family were not available for comment while a spokesman for Grupo Pao de Acucar declined to provide any comment on the news report that cited sources close to the Klein family who spoke on condition of anonymity.