Clumsy takeover of Tati in 2017, the Covid years, fierce competition from discounters like Action… The difficulties of the bazaar brand GiFi do not date from today but this time its founder and owner, Philippe Ginestet has decided to pass the hand. “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.“, indicated his lawyer Maître Christophe Dejean. If a sale were to be finalized, it would only concern the commercial brand and not the real estate.
The investment bank Lazard has been mandated to collect takeover offers by Monday. GiFi has 700 points of sale in 17 countries including nearly 600 stores in France, where it employs more than 6,500 people. In March, after being the victim of a switchover problem with an internal IT system, the distributor, which achieved a turnover of 1.3 billion euros in 2023, announced an agreement with financial partners to reschedule its debt.
The owner of Maxi Bazar and Stokomani in the running?
As for employees, things are tough. “We are really very worried. We are on the street, the number is not there. Many suppliers are not paid“, declared Friday, on condition of anonymity, a staff representative to AFP. The priority? “Save all jobs», added the trade unionist, regretting the absence of information from management “despite our requests and reminders».
According to rumors, Moez-Alexandre Zouari, head of Maxi Bazar and Stokomani but also master franchisee of the Casino group with 200 Franprix, Monop' and Monoprix stores and soon 100% owner of the Picard frozen food brand, would be on the ranks to afford GiFi.
Maxi Bazar: who is this low-price brand, heir to the neighborhood drugstores in Paris?
