The distributor Casino, which came under the control of the Czech billionaire Daniel Kretinsky, will give in to the ” second semestre 2024 ” for at least 200 million euros of real estate assets to the asset management company Tikehau Capital. The goal? ” Reduce financial debt ” of the group, announces a press release published this Monday.
Casino « signed a firm agreement with Tikehau Capital relating to the sale in the second half of 2024 of a real estate portfolio of 30 assets », Indicates the distributor. “ This operation will reduce the financial debt of the Casino group vis-à-vis bond lenders » from a subsidiary, named Qatrim.
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The distributor specifies that these assets are “ hypermarket and supermarket walls rented to the Casino, Intermarché, Carrefour and Auchan brands “, as well as ” annexed lots within these real estate complexes, some presenting real estate development potential ».
Agreements have also been signed to entrust the real estate management of this portfolio to the Casino group for a period of 5 years, Casino said. The distributor specifies that ” The payment of the sale price is planned in several installments, with more than 200 million euros to be received on the sale date scheduled for the second half of 2024 “. Of the ” price supplements » can be perceived later.
Straighten the accounts
In 2023, Casino experienced a spectacular restructuring of its debt contracted under the leadership of the previous boss, Jean-Charles Naouri. Heavily in debt, the distributor of Saint-Etienne origin, with the Monoprix, Franprix and CDiscount brands, was the subject of an accelerated rescue plan at the end of February, at the end of which it fell into the hands of Czech billionaire Daniel Kretinsky.
The distributor has thus multiplied its sales, withdrawing from Latin America where two thirds of its employees worked and selling in particular almost all of its large-format French stores, the historic heart of its business, to its competitors Intermarché, Auchan and Carrefour.
In mid-June, during the distributor’s first general meeting since the change of control, the new CEO Philippe Palazzi indicated that he was ” imperative to straighten out the accounts very quickly and review [la] cash management to ensure the sustainability of the group ».
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“Agreement in principle” on the terms of the social plan
Casino still employed some 200,000 people worldwide at the end of 2022, including 50,000 in France, before multiplying the disposals. Its workforce has fallen below 30,000 employees and the group announced at the end of April a job protection plan (PSE) which could affect 1,300 to 3,200 positions within a group which now employs less than 30,000 employees under the Monoprix, Franprix or Vival brands.
Enough to react to the central social and economic committee (CSEC) of Distribution Casino France (DCF), one of the main entities of the Casino group, which appealed at the end of March the judgment of the Paris commercial court validating the safeguard plan accelerated the company. This rescue did not respect “ collective procedures law ” is ” the interests of employees “, estimated the CSEC.
Finally, management and lawyers for the employees of the distributor in difficulty announced last Thursday a ” agreement in principle » regarding the terms of the job protection plan currently being defined, and hope “ to complete negotiations by the end of July “, according to the general manager Philippe Palazzi. In detail, the manager said he was satisfied with a “agreement in principle with social partners », particularly on so-called supra-legal compensation and on reclassification leave.
The appeal hearing was postponed, at the request of the employees, and will be held on Wednesday, September 25 at 9:30 a.m., to allow time to formalize the agreement thus reached.
(With AFP)
