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Friday, June 2, 2023

Casino will sell a hundred stores to Intermarché

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.

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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.

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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.

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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.

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