Grupo Gigante, S.A.B. de C.V. Announces Receipt of Requisite Consents for Previously Announced Tender Offer and Consent Solicitation

MEXICO CITY, Dec. 12 /PRNewswire/ -- Grupo Gigante, S.A.B. de C.V. ("Gigante") announced today that, in connection with the previously announced cash tender offer and consent solicitation for its outstanding $260 million 8.75% Senior Notes due 2016 (the "Notes"), it has received the requisite consents to amend the indenture governing the Notes.

As of 5:00 p.m., New York City time, on December 11, 2007 (the "Early Consent Date"), tenders and consents had been received with respect to approximately $232.5 million aggregate principal amount of the Notes, representing approximately 89% of the total outstanding Notes. Gigante and the guarantors expect to enter promptly into a supplemental indenture with The Bank of New York, as trustee, effectuating proposed amendments to the indenture governing the Notes, all as described in the Offer to Purchase and Consent Solicitation Statement dated November 28, 2007, as supplemented on December 10, 2007 (the "Offer to Purchase").

The supplemental indenture will not become operative until the Notes are accepted for payment by Gigante pursuant to the tender offer and consent solicitation. The Early Consent Date has now passed and withdrawal rights have terminated. Holders who have not already tendered their Notes may do so at any time at or prior to 8:00 a.m., New York City time, on December 27, 2007, unless extended or earlier terminated (the "Expiration Date").

The tender offer will expire on the Expiration Date. Settlement for all tendered Notes will occur promptly following the Expiration Date. The tender offer and consent solicitation is subject to the satisfaction or waiver of certain conditions, including the consummation of the proposed transaction between Gigante and Tiendas Soriana S.A. de C.V. Further details about the terms and conditions of the tender offer and consent solicitation are set forth in the Offer to Purchase.

Citi is acting as a Dealer Manager for the tender offer and the consent solicitation. The Depositary and the Information Agent is Global Bondholder Services Corporation.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer and the consent solicitation are being made only by reference to the Offer to Purchase, and the related Consent and Letter of Transmittal.

Requests for documentation should be directed to Global Bondholder Services Corporation at (866) 794-2200. Questions regarding the tender offer and the consent solicitation should be directed to the Dealer Manager at (800) 558-3745 (toll-free) or (212) 723-6108 (collect).

About Gigante

Gigante is the second largest food retailer according to number of stores in Mexico, the fourth largest in terms of sales in Mexico, and has other retail businesses and significant real estate holdings. Gigante is present in most of Mexico's 32 states with operations in Central America and the state of California in the United States. As of September 30, 2007, we operated 278 supermarkets, 151 Office Depot stores (through a joint venture), 167 Radio Shack stores (through a joint venture), 68 Toks and specialty restaurants, and seven Gigante USA stores. Gigante operates its retail stores through diverse formats which allow us to offer a wide variety of products to a broad range of customers. On December 5, 2007, Gigante entered into an agreement that provides for the discontinuation of its supermarket retail business.

Forward-Looking Statements

This release contains statements that are not statements of historical fact, but instead are forward-looking statements. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions identify these forward-looking statements. Because these forward-looking statements are also subject to risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. We undertake no obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.