Gifi after Picard?
According to two sources familiar with the matter, a letter of intent from the Zouari family group was submitted, “because they cannot not look” due to their presence for several years on the bazaar market via the Maxi brands. Bazar and Stokomani, 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 on the verge 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.
“We are really in the hole”
“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 brand which is unique,” declared mid-November the lawyer of GiFi, Me Christophe Dejean.
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.
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