Less than a year after the bad situation that led it to ask its banks for help, the GiFi brand finds itself once again in a tense financial situation. Its founder, Philippe Ginestet, 70, has decided to put the home and family equipment specialist up for sale at discounted prices, as revealed by the media on Thursday, November 14. The informed.
According to our information, the Lazard bank, commissioned by GiFi, expects offers, for the moment non-binding, from the candidates before Monday, November 18. A handful of buyers, all distributors, are studying the file. The names of Carrefour, or the Zouari group, owner of Stokomani and Maxi Bazar, are mentioned. Carrefour declined to comment, while the family group could not be located on Thursday.
The goal is to act quickly, as creditors want. In fact, the latter were asked again to grant a bridging loan. In May, after negotiations led by the Interministerial Committee for Industrial Restructuring (CIRI), Crédit Agricole and other BNP Paribas had already granted a loan of 100 million euros to GPG, the holding company of the Ginestet family, parent of GiFi. , which then granted a current account advance to the brand.
6,500 employees
This loan was pledged on real estate assets, with GPG being the owner of the GiFi stores and other warehouses, but also the stores of other brands such as Boulanger. Talks are being held with banks so that they can establish new financing of this type. But, to do this, they require that the transfer process be very advanced. CIRI is closely examining the matter, particularly concerned about the risks of social disruption for a brand that employs 6,500 people, half of whom are in its southwestern home. It could also be requested from the State in the form of deferral of social and tax debts.
During the first call for help, GiFi highlighted setbacks related to an IT migration in 2023, which had disrupted operations. Although turnover in 2024 is expected to increase compared to the previous year (1.3 billion euros), the recovery has not been as clear as expected.
The coffers are not full enough for GiFi to replenish its stock at the beginning of the year, a time when outlays are high. The brand has, in fact, the particularity of having a large proportion of the products it sells manufactured in factories in Asia. This allows you to control the specifications from start to finish, but requires you to pay significant sums several months before the candles, garlands or lounge chairs reach your 600 points of sale. Other discounters prefer to source their supplies from European subcontractors or wholesalers specializing in liquidation and therefore do not support inventory financing.
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