2023-05-30 04:00:00
At the heart of the Casino group’s strategy to reduce its debt, the sale of around a hundred supermarkets and hypermarkets to Intermarché has been announced. This disposal involves convenience stores, supermarkets and hypermarkets which represent a turnover of 1.15 billion euros. However, the transaction remains subject to the approval of employee representative bodies and the authorities. In addition to this agreement, Intermarché has undertaken to acquire, if Casino requests it over the next three years, an additional volume of stores generating 500 million euros in turnover. Nevertheless, this conversion of signs raises concerns among employees, due to the differences in social policy between the two entities.
Major sale in sight for the Casino group
Casino, indebted to the tune of 6.4 billion euros at the end of 2022, has also triggered a conciliation procedure. Initiated by the Paris Commercial Court for an initial period of four months, it aims to renegotiate the group’s debt with its creditors. Casino subsidiaries, including Monoprix and Franprix, are also affected by this procedure, which will not affect the group’s relations with its operational partners and employees.
The brand enters into conciliation procedure
The Casino Group is preparing for a significant overhaul of its commercial operations. With the sale of stores to Intermarché and the ongoing conciliation procedure, the group is seeking to stabilize its financial situation. Teract, another key player in the sector, remains in exclusive discussions with Casino, saying that the agreement with Intermarché is compatible with their industrial project. In addition, Intermarché might participate in a future round table of the Casino Group, with an equity investment of 100 million euros. The Casino group intends here to hammer home its desire to reduce its debt while continuing to play a leading role in the French retail sector.
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