The Casino distributor, in the grip of serious financial difficulties, said on Tuesday it had sold 121 large-format stores out of a planned 287 to rivals Auchan, Carrefour and Les Mousquetaires.
“The Casino Group today announces the sale of 121 stores”, “in line” with the agreements reached on January 24 with Auchan and the Les Mousquetaires group and on February 8 with Carrefour.
Almost 700 million euros
“This transaction is carried out on the basis of an enterprise value of 698 million euros of the stores sold,” specifies the press release of Casino, which changed hands at the end of March and now the main shareholders are Daniel Křetínský, Marc Ladreit de Lacharrière and the Attestor fund.
The group’s debt incurred by the previous management forced it to make multiple sales, including the sale of almost all large-format stores, an activity that nevertheless formed the historical heart of Casino.
In detail, Les Mousquetaires bought 65 stores and drive-thru on Tuesday, Auchan 32 stores and Carrefour 23 stores. “The sale of the remaining 166 stores will take place in two stages, on May 31, 2024 and July 1, 2024,” the press release said.
Employees in the dark
While the dismantling of Casino – which brings together brands well-known to the French such as Monoprix and Franprix – is raising concerns among its employees, the group wanted to remind that the three buyers “are determined to take over all employment contracts” assigned to the transferred stores.
Auchan, Carrefour and Les Mousquetaires also promised to “maintain the provisions and benefits of the collective casino statute for a minimum period of 15 months from the date of completion of the transfer”.
For employees not affected by these three waves of transfers, the future is more uncertain.
A “reorganization project” presented to employee representatives last week plans to cut Casino’s workforce from 1,300 to 3,200 jobs, a wide range pending the number of stores and warehouses that can still be reopened by September.