Gifi seeks protection from creditors: French discounter fights for survival

The French discount chain Gifi seeks court protection after years of strategic blunders, a failed IT operation, and plummeting sales figures. The future of more than 500 stores and 6,000 employees is at stake.

Banks refuse further support

The French non-food discount retailer Gifi is on the brink of collapse. The company will file for court-supervised reorganization with the Toulouse Commercial Court in the coming days. The chain can no longer meet its financial obligations and hopes to facilitate a fresh start under court supervision, reports LSA.