Casinoin a delicate economic situation, will sell part of its stores to Intermarché. The French retail group announced on Friday that it had signed an agreement with one of its competitors, in a press release relayed by AFP on Friday. The compromise relates to the sale of a hundred hypermarkets, supermarkets and convenience stores. Their combined turnover represents 1.15 billion euros.
Three-headed negotiations, with Casino, Intermarché and Teract, were announced on April 24 and relayed by the newspaper The echoes.
The brand network Teract finally withdrew from the discussions which therefore resulted in a bipartisan agreement. An operation that would allow the “Musketeers” brand to ” complete its national network “, assured his boss Thierry Cotillard on Radio Classique on Friday. For Casino, these sales should generate savings.
A conciliation to restructure the debt
The distributor has also announced that it is entering into a four-year conciliation procedure in order to restructure its debt of 6.4 billion euros. Thursday, the Paris Commercial Court decided to launch a procedure aimed at finding a compromise between Casino and its creditors.
Economic difficulties are impacting its value stock market. Since the start of 2023, the group’s title has lost a third of its value.
But his activity arouses the interests of billionaire Daniel Kretinsky. In an interview at Point published on May 3, the businessman, who already owns 10% of the group, defended his offer for a capital increase of 1.1 billion euros, announced at the end of April. ” Casino’s financial situation is no longer sustainable “, he had underlined.