In the absence of a buyer, the group based in Lot-et-Garonne could have reached an agreement with its creditors.
What are the prospects for the 6,500 employees of GiFi stores? An extraordinary meeting of the Social and Economic Committee (CSE) of the group in great difficulty is scheduled for this Thursday, January 16 in the morning, we learned from union sources on Wednesday. In the absence of a buyer, a recovery scenario would seem to be emerging: according to The Letter the creditor banks of the chain of stores, based in Villeneuve-sur-Lot (Lot-et-Garonne), have reportedly agreed to erase 470 million euros of debt in exchange for commitments from its founder, Philippe Ginestet.
He must deposit 270 million euros from his controlling holding company as a guarantee, after sales of assets and company shares, and withdraw from the operational management of the group he has led since 1981, reports the media. specialized. Contacted, the spokesperson and the lawyer of GiFi did not confirm this information but the latter, Me Christophe Dejean, spoke of a day “decisive” this Wednesday.
“hand over”
According to the brand's unions, the conciliation period opened last year between GiFi and its creditors under the aegis of the Toulouse commercial court, which has already extended it twice, ends at midnight. “There is uncertainty about everything that is happening, a lot of money at stake and a lot of misinformation. The CSE which was to take place today is postponed until tomorrow, it is certainly not for nothing”declared Laurent Mardaga, spokesperson for the CFDT-FO-CFTC inter-union association.
In mid-November, GiFi's lawyer stated that “absolute priority” of Philippe Ginestet, 70 years old, was “hand over in the best possible conditions” to ensure the development of the chain which employs some 800 people in Lot-et-Garonne and 6,500 in France. Potential buyers had expressed their interest but none ultimately made an offer. In March, the group announced a banking 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.
In addition to competition from Action or Maxibazar stores, as well as internet platforms such as the Chinese site Temu, GiFi's activity was damaged by a change in IT system during 2023, which went poorly. The unions, who fear a departure from Villeneuve-sur-Lot, welcome a scenario which would further favor “a local establishment”. But they question “chaotic management since 2017”with “loss-making stores and obsolete warehouses”and estimate “that a PSE (social plan, editor’s note) will certainly be necessary to remain competitive”.
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