French discount retailer GiFi continues its financial recovery with the sale of its thirty Swiss stores. The chain narrowly escaped bankruptcy at the beginning of this year, and is in the process of divesting dozens of stores.
‘Swexit’ for GiFi
GiFi operates thirty stores in Switzerland through its subsidiary GiFi Switz, but now wants to pull the plug on its activities in the country. The buyer, Maxi Bazar, currently has about as many stores in Switzerland and would therefore double in size in one swoop, LSA writes.
Maxi Bazar will take over all employees, the French medium reports. The buyer currently has around seventy stores in France and achieved a turnover of 180 million euros there (250 million including the Swiss stores).
Early 2026
The competition authorities still have to give their approval, though. “The transaction will be completed once the usual conditions precedent have been met. The transfer will start immediately after the transaction is completed”, a spokesperson confirmed to LSA. This is expected to happen in the first quarter of 2026.
At the same time, GiFi — named after its founder, Philippe Ginestet — also wants to sell 32 stores (to Grand Frais) in its home market. In January, the French discount chain presented a final rescue plan in agreement with the banks, in which 470 million euros in debt was written off.
