In dire straits, bazaar chain Gifi looks for a buyer

The Lazard bank has been mandated to find a buyer as part of a conciliation procedure.

In a financial storm for several months, the bazaar chain Gifi – with 6,000 employees and 700 outlets – is now up against the wall. Visit Lazard Bank has been mandated in recent weeks to find a buyer as part of a conciliation procedure. Its founder, Philippe Ginestet, is 70 years old, will make every effort to find the best buyer to ensure the company’s continued existence explained his lawyer, Christophe Dejean, confirming a report on the L’informé website.

The brand loses ground to competitors

The discounter, which opened its first store in 1981 in Villeneuve-sur-Lot, Lot-et-Garonne, has been on a roller-coaster ride in recent months. Confronted with a major computer breakdown that severely disrupted its business last year, Gifi has seen its sales deteriorate against a backdrop of sluggish consumer spending. The brand has also been unable to resist the fierce competition new rivals, such as Action and the Chinese online site Temu, who are winning over more and more consumers with their deeply discounted products. There is a desire to destabilize says Christophe Dejean.

Earlier this year, the retailer had already agreed with its financial institutions to reschedule its debt. Philippe Ginestet has previously used his assets to consolidate and perpetuate Gifi’s business. insists the lawyer. The company has not been able to recover since. Conciliation proceedings were initiated at the end of August, during which the sale process was decided. According to L’Informé, Moez-Alexandre Zouari, who notably owns the Maxi Bazar and Stokomani discount chains, as well as the frozen food stores Picardwould be interested in a takeover.

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