The numbers are dizzying. To get Gifi out of the unprecedented financial crisis in which the Villeneuvoise company was mired and allow Philippe Ginestet to launch a new recovery plan, the creditor banks would have given their agreement to erase 470 million debts, according to “La Lettre “.
Gifi: an empire for sale
In financial difficulty, the Gifi brand was placed in a sale process by its historic owner, Philippe Ginestet
In an article posted online on Tuesday, January 14, the investigative digital daily supports the hypothesis developed in our columns on January 8, according to which the founder of the bazaar specialist was the best candidate facing the potential buyers of this giant of 6,500 employees. Letters of intent have been submitted. According to “La Lettre”, no takeover offer followed.
-This new “gift” from the banks would have a price. First, Philippe Ginestet, via his holding company GPG, should agree to a new effort to save his “baby” by depositing 270 million euros as guarantee. The sale of his prestigious multi-colored hotel, Le Stelsia, would be just one example of the efforts made by Philippe Ginestet. And this would not be the only counterpart. To obtain this commitment, the boss, often described as whimsical, non-conformist for sure, had to make another commitment: that of letting go of the helm.
Philippe Ginestet in the background?
Philippe Ginestet would remain chairman of the Gifi supervisory board, but he would no longer be in charge. To replace him as operational director, an old acquaintance is brought up. Still according to “La Lettre”, it would be Philippe de Castelnau. Current deputy general manager of Showroomprive.com, the latter knows Gifi well having served as finance director there from 2013 to 2019.
When contacted, Gifi spokesperson Didier Pitelet said he was not in a position to “comment” on these allegations, as no memorandum of understanding has yet been signed. The company's lawyer, Mr. Christophe Dejean, could not be reached, perhaps a sign that the signing is imminent. In Villeneuve-sur-Lot, where the Gifi headquarters employs nearly 850 people, warehouses included, it would certainly be accompanied by a “phew” of relief.
