French retailer Casino has announced the sale of 90 stores to Groupement Les Mousquetaires, Auchan Retail France, and Carrefour.
The announcement follows on from agreements that were made earlier this year – with Auchan Retail France and Les Mousquetaires on 24 January 2024, and with Carrefour on 8 February 2024, to sell a total of 287 stores.
The remaining 76 stores will be sold on 1 July 2024, Casino added.
The total enterprise value of the stores sold is €345 million.
Employment Contracts
Les Mousquetaires, Auchan Retail France, and Carrefour have committed to taking over all employment contracts of employees assigned to the transferred stores and service stations, in accordance with French labour laws.
In addition, the retailers will maintain the provisions and benefits resulting from the Casino collective statutes for at least 15 months from the date of transfer, while they also pledged to encourage Casino employees to apply for available positions or to offer them the chance to become store managers.
'The Casino group would like to thank all employees for their commitment to serving the Group throughout their careers,' Casino said in a statement. 'They contributed to making the Casino brand loved and recognised by customers.'
Previous Sale
In May, Casino sold a tranche of 121 stores to Les Mousquetaires, Auchan Retail France, and Carrefour. Groupement Les Mousquetaires acquired 50 supermarkets, 15 hypermarkets, and one Drive outlet. Auchan Retail France bought 15 supermarkets and 17 hypermarkets, while Carrefour acquired 13 supermarkets and 10 hypermarkets.
That transaction had an enterprise value of €698 million.
Casino said its first-quarter sales remained negative but showed a slight improvement after its convenience brands reported virtually stable net sales.
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