Grupo Gigante, S.A.B. de C.V. Announces Completion of its Previously Announced Tender Offer and Consent Solicitation and its Acceptance of Tendered Notes

MEXICO CITY, Dec. 28 /PRNewswire/ -- Grupo Gigante, S.A.B. de C.V.("Gigante") announced today that its previously announced cash tender offer and consent solicitation for its outstanding $260 million 8.75% Senior Notes due 2016 (the "Notes") expired at 8:00 a.m., New York City time, on December 27, 2007 (the "Expiration Date").

Gigante received tenders from the holders of $237,580,000 aggregate principal amount (or approximately 91.4%) of the outstanding Notes. Gigante accepted for payment all of the Notes tendered prior to the Expiration Date. Settlement for all tendered Notes is expected to occur on December 28, 2007.

As previously announced, Gigante received the required consents from holders to eliminate or modify substantially all the covenants and certain events of default and to modify the provisions relating to defeasance of the Notes contained in the indenture governing the Notes (the "Proposed Amendments"). As a result of obtaining the required consents, on December 12, 2007, Gigante and the guarantors executed a supplemental indenture with The Bank of New York, as trustee, effectuating the Proposed Amendments.

The tender offer and consent solicitation was made pursuant to Gigante's Offer to Purchase and Consent Solicitation Statement dated November 28, 2007, as supplemented on December 10, 2007 (the "Offer to Purchase") and was 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. (the "Transaction"). Although the Transaction has not yet been consummated, Gigante has waived this condition. Further details about the terms and conditions of the tender offer and consent solicitation are set forth in the Offer to Purchase.

Citi acted as Dealer Manager for the tender offer and the consent solicitation. The Depositary and the Information Agent was 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 was 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.