2024-01-05 19:00:51
The Casino group, a major player in retail in France, recently announced the sale of its supermarkets and hypermarkets, marking a significant change in the distribution landscape in mainland France.
Casino will sell 313 stores
This decision stems from financial difficulties, with a considerable debt of more than 6 billion euros, forcing CEO Jean-Charles Naouri to take drastic measures, including the sale of these establishments to a consortium of buyers including Daniel Krestinsky, a wealthy Czech businessman, Marc Ladreit de Lacharrière, a Frenchman, and the British fund Attestor. Jean-Charles Naouri will give up his place to these new shareholders at the beginning of 2024.
The sale concerns 313 stores, including supermarkets and hypermarkets, in addition to the 61 already sold to Intermarché. However, Casino will retain its convenience stores and Monoprix. Among the stores concerned, we find establishments located in Cofra Luçon, Cauderan, Aix les Bains, Bazeilles, Tours la Riche, Poitiers, Chagny, Bordeaux Courberand, Fontaine les Dijon, Chasse sur Rhône, Fumel, Sénas, Luxeuil les Bains, Niort , Paris Grand Pavois, Metz, Parasol, Pau Charles de Gaulle, and many others. The employees of these establishments will thus find themselves working for a competitor, marking an important transition.
Auchan and Intermarché, main beneficiaries
Intermarché and Auchan appear to be the main beneficiaries of this sale. Intermarché aims to integrate the Casino supermarkets, thus crossing the 2,000 store mark to become an undisputed leader, while Auchan is focusing on hypermarkets to strengthen its presence on the French market. According to the Casino CGT and other sources, more than 50 Casino stores are expected to soon be transformed into Intermarché, leading to significant changes for employees who will have to adapt to a new dynamic following having been in competition for a long time.
This sale is also seen as an initiative aimed at strengthening France’s control over the food sector and guaranteeing a certain national sovereignty, according to the arguments put forward by Intermarché and Auchan. For Casino, the sale of these stores represents an opportunity to resolve its financial problems and reinvest in the sectors it wishes to retain. These stores generated approximately €3.6 billion in revenue in 2022, which is of crucial importance for the future of Casino.
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