After serious financial difficulties, Casino has been undertaking an extraordinary sale of its stores since last February to avoid as many job cuts as possible. This Tuesday, 66 new stores were sold.
Casino’s restructuring continues. After selling off 200 stores last spring, the Casino retail chain continues to sell its supermarkets and hypermarkets, with 66 new sales announced by the group on Tuesday, July 2.
The Auchan, Les Mousquetaires and Carrefour brands are gradually buying up Casino stores. In three waves, 121 businesses were sold at the end of April, then 90 at the end of May and today 66, to various competitors, in order to allow for a total restructuring.
In a press release, Casino announced: “the sale of 66 stores in accordance with the agreements concluded on February 24, 2024, with the Les Mousquetaires Group and Auchan Retail France.”
A backup procedure in progress
Since February 2024 and the court decision to place the distributor in safeguard, many stores have been sold to the company’s competitors. Led by Czech billionaire Daniel Kretinsky, the path to debt restructuring and the takeover of the brand continues.
Casino has nevertheless managed to reach an agreement with its rivals on the future of all employees. They recalled in a press release: “They have committed to taking over all the employment contracts of employees assigned to the transferred stores and service stations.”
The competitors also agreed to maintain “the provisions and benefits resulting from the Casino collective status for a minimum period of 15 months.”
