FourFourThree (CNN) Gemini has sold its home appliances business to French company Ariston.
The company, which has sold appliances to over a million customers worldwide, is one of several that will soon move to the company’s parent company, French home appliances giant ATS.
The deal was announced Friday, just days after the company reported a $5 million net loss.
Gemini announced the sale of its home appliance business in January, citing an “unprecedented and rapid decline in demand.”
The company said it expects to reduce costs in order to achieve profitability.
Gemsini, which was spun out of Gemini in 2013, reported a net loss of $4.5 million for the fourth quarter, with a loss of 15% to $1.3 billion.
The company was founded in 1996 by billionaire Bernard Arnault.
It was also the largest French home appliance maker to close in the past decade.
Ariston CEO Bernard Arnaux was one of the investors who helped found Gemini.