Giochi Preziosi: Cigs for 135 people. Two retail companies’ shops are closing

An agreement was reached at the Ministry of Labour on the use of Cigs due to the cessation of operations at Giochi Preziosi Store and Startrade, belonging to the Giochi Preziosi Group.

Filcams Cgil, Fisascat Cisl and Uiltucs signed the minutes of the agreement with the management of the two companies.

The duration of the wage supplementation scheme

Wage coverage is guaranteed retroactively: from 30 March for Giochi Preziosi Store and from 1 March for Startrade, until 31 December 2026.

Those involved are 135 employees, affected by the plan to close the two companies’ retail network.

The agreements – the trade unions emphasise – form part of the broader crisis management process, initiated by the group following the negotiated composition, subsequently shelved to allow a unified procedure with the parent company and the other corporate entities.

Expressions of interest are expected for the shops

Against this backdrop, it states that “the two brands filed an application to access a group crisis-management instrument and drew up a plan providing for the closure of all sales outlets (the number is not known, ed.), while leaving open the possibility of any disposals if there are expressions of interest from third parties”.

The Cigs will cover a total of 88 employees at Giochi Preziosi Store and 47 at Startrade, distributed across Lombardy, Emilia-Romagna, Veneto, Piedmont, Liguria and Tuscany, as well as the head-office sites.

The suspensions may involve zero hours or reduced working hours, depending on the operations connected with the cessation of the commercial activities.

During the joint review, the regions involved and the regional employment agencies also expressed their willingness to agree with the companies on active labour-market policy measures and redeployment pathways in the local areas for the female and male workers affected by the social security measure.

The parties also agreed to continue discussions on a shared management of the company process and the possibilities for protecting employment, with the aim of reaching the signing of common agreements.

The Giochi Preziosi industrial plan is expected on 8 June

The dispute also reached the Ministry of Enterprises and Made in Italy, where an examination was launched into the group’s overall situation and the outlines of the industrial plan, expected by 8 June.

The last meeting with Mimit took place a few days ago, on 15 April.

The programme will focus on strengthening wholesale activities, [[ARTW_HTMLOPEN_AAAT] rationalising the retail network and seeking new investors, with a significant downsizing of the retail sector and ongoing discussions on the sale of sales outlets.

The group, founded by Enrico Preziosi in 1978, has been experiencing difficulties for some time, perhaps due to the low birth rate, the spread among children and young people of other, including unsuitable, play tools such as mobile phones, and competition from the major marketplaces.

However, data from Assogiocattoli, based on surveys by Circana, indicate growth in the market for 8% by volume in 2025.

Revenue and losses within the Giochi Preziosi perimeter

In 2022, the consolidated net revenue of Gruppo Preziosi, including foreign markets, would nevertheless have exceeded 340 million euros, with a loss of 52,5 million.

The sole Giochi Preziosi Spa, based in Milan, according to data from the chamber of commerce system, also in 2022 (the latest available figure), recorded turnover of more than 70,5 million, while the loss was 19,5 million euros.

Startrade was worth around 10 million in revenue in 2023, with losses of nearly 3 million, while Giochi Preziosi Store had corresponding figures in 2024 of 22,49 million and -20,68 million.

At the beginning of this year, the group abandoned the development in Italy of the British brand Hamleys, a decision that led, on 3 February, to the closure of 3 outlets: Bergamo Orio al Serio, Milan and Rome.

The fate of a fourth shop, at the Maximall Pompeii shopping centre in Torre Annunziata (Naples), remained uncertain; however, at least according to information available online, it is currently temporarily closed.

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.