French discount retailer Gifi is for sale 🏷️

Gifi, the French discount retailer, is officially up for sale as its founder, Philippe Ginestet, prepares to retire after 45 years at the helm. At the age of 70, Ginestet has appointed Lazard, a merchant bank, to find a buyer. The move comes amid significant struggles for the company, including payment arrears, high employee turnover, and declining sales. The retailer, which operates 700 stores in 17 countries and generated 1.3 billion euros in revenue last year, has faced growing competition from rivals like Action and Temu. IT challenges, particularly with a complex ERP conversion, have further strained operations, leading to a 9% drop in sales during the key year-end period.