2023-05-26 09:14:26
The Casino distribution group, in great financial difficulty, in parallel with the formalization of its entry into a conciliation procedure, announced on Friday May 26 that it was going to sell a certain number of stores to the Intermarché group, the third player in the distribution food in France.
Casino plans to sell more than a hundred hypermarkets, supermarkets and convenience stores weighing 1.15 billion euros in turnover. The first stage will consist of a sale of stores weighing approximately 600 million euros in turnover with “first sales will take place by the end of this year”.
The second wave of disposals, weighing 550 million euros in turnover, will be ” on demand “ of Intermarché, “at the latest within three years”, “this period may be accelerated by Casino”.
Stores sold in “non-priority areas”
During a telephone press briefing, the group’s financial director David Lubek did not specify the number of stores concerned, citing “mainly supermarkets and hypermarkets located in areas considered non-priority” for Casino, whose core business is located in Île-de-France, Rhône-Alpes and Provence-Alpes-Côte d’Azur.
This transfer of stores is a reason for concern for employee representatives because the group structures are different between Casino, an integrated group with significant social dialogue, and Intermarché, where social policy depends on each store owner since the brand is a group of independents.
Casino specifies that this agreement is “compatible with the discussions currently underway with Teract on the industrial project initiated a few months ago, as well as with all additional capital operations likely to strengthen the Casino Group’s equity”.
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