A letter of intent was submitted by the family group of Moez-Alexandre Zouari, already owner of the Maxi Bazar and Stokomani brands, acquired in 2021 and 2022 respectively.
The bazaar brand GiFi, which is experiencing financial difficulties and whose founder Philippe Ginestet wishes “hand over”is the subject of interest from sector specialist Moez-Alexandre Zouari, but other offers are expected, AFP learned Tuesday from consistent sources. According to information from two sources familiar with the matter, confirmed by le Figaroa letter of intent from the Zouari family group has been submitted, “because they can’t not look” due to their presence for several years on the bazaar market via the Maxi Bazar and Stokomani brands, purchased by Moez-Alexandre Zouari in 2021 and 2022 respectively.
The communications department of the Zouari family group, a major franchisee of the Casino group and in the process of becoming a majority shareholder of the frozen food specialist Picard by the first quarter of 2025, did not wish to comment. According to one of the two sources previously mentioned, GiFi's management is seeking to attract other buyers. It had mandated the Lazard bank to receive initial offers by Monday. Asked by AFP, the financial institution did not comment. “At 70 years old and after forty-five years at the head of the group, Philippe Ginestet's absolute priority is to hand over the reins in the best possible conditions to develop this unique brand.declared GiFi's lawyer, Me Christophe Dejean, in mid-November, who thus confirmed information from the media l'Informed.
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1.3 billion turnover in 2023
If a sale were to be finalized, it would only concern the commercial brand and not the real estate, he clarified. The GiFi group has more than 700 points of sale in 17 countries, but it is mainly established in France, where it employs more than 6,500 people. In March, the distributor announced an agreement to reschedule its debt, after calling for help from the Interministerial Committee for Industrial Restructuring (Ciri), a government service responsible for supporting companies in difficulty. Founded in 1981 and based in Villeneuve-sur-Lot (Lot-et-Garonne), GiFi says it has achieved 1.3 billion euros in turnover in 2023. The group had mentioned a problem of switching a system internal IT by mid-2023. “We are really very worried”declared Friday, on condition of anonymity, a staff representative. “We're on the street, the numbers aren't there, we're really in a hole. We have a lot of suppliers who are not paid.he added.
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