Less than a year after the bad situation which led it to call its banks for help, the GiFi brand once again finds itself in a tense financial situation. Its founder, Philippe Ginestet, 70 years old, has decided to put the specialist in home and family equipment up for sale at low prices, as revealed on Thursday, November 14, by the media The Informed.
According to our information, the Lazard bank, mandated by GiFi, is expecting offers, non-binding at this stage, from the candidates by Monday, November 18. A handful of buyers, all distributors, are studying the file. The names of Carrefour, or the Zouari group, owner of Stokomani and Maxi Bazar, are mentioned. Carrefour did not wish to comment, while the family group could not be reached on Thursday.
The objective is to move quickly, as the creditors want. The latter were, in fact, once again asked to grant a bridging loan. In May, after negotiations led under the leadership of the Interministerial Committee for Industrial Restructuring (CIRI), Crédit Agricole and other BNP Paribas had already granted a loan of 100 million euros to GPG, the holding company of the Ginestet family, parent company of GiFi, which then granted a current account advance to the brand.
6,500 employees
This loan had been pledged on real estate assets, GPG being the owner of the GiFi stores and other warehouses, but also of the premises of other brands such as Boulanger. Discussions are underway with the banks so that they can set up new financing of this type. But, for this, they require that the transfer process be well advanced. The CIRI is looking closely at the matter, particularly concerned about the risks of social disruption for a brand employing 6,500 employees, half of whom are in its South-West cradle. The State could also be requested in the form of deferral of social and tax debts.
During the first call for help, GiFi highlighted setbacks linked to an IT migration in 2023, which had disrupted operations. Even if turnover in 2024 is expected to increase compared to that of the previous year (1.3 billion euros), the recovery has not been as clear as hoped.
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The coffers are not full enough for GiFi to be able to replenish its stocks at the start of the year, a time when disbursements are high. The brand has, in fact, the particularity of having a large proportion of the products it puts on its shelves manufactured in factories in Asia. This allows it to control the specifications from start to finish, but forces it to pay significant sums several months before the candles, garlands or deckchairs arrive at its 600 points of sale. Other discounters prefer to obtain their supplies from European subcontractors or wholesalers specializing in clearance, and therefore do not support inventory financing.
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