The GiFi group placed in judicial recovery at its request, 6,000 jobs threatened in France

GiFi, a retail group employing 6,000 in France, has entered judicial recovery due to financial difficulties. The Toulouse commercial court has initiated a six-month observation period to assess the company's financial viability. New CEO Patrick Puy stated that this process will not immediately affect jobs or lead to new layoffs. GiFi's troubles began with a failed IT system change in 2023, exacerbated by competition from low-cost retailers and online platforms. The company previously considered reducing its workforce by 5% but halted that plan. Puy aims to protect employees while navigating the challenging market conditions.