Overview

• Gifi announced the closure of 11 stores deemed unsalvageable and the elimination of approximately 300 jobs, representing 5% of its workforce.
• The job cuts will impact 186 employees at the company's headquarters in Villeneuve-sur-Lot and 116 employees at the closing stores.
• The restructuring plan focuses on improving Gifi's discount retail model and prioritizing customer satisfaction to regain competitiveness.
• The company's financial struggles were exacerbated by a 2023 IT system failure and increased competition from rivals like Action and Temu.
• Gifi has committed to providing support and exploring reclassification opportunities for employees affected by the restructuring measures.