French retailer Groupe Casino has entered into an agreement with Rocca Group and Auchan Retail France for the sale of Codim 2.
The transaction, subject to clearance by competition authorities, is expected to close after consultation with employee representative bodies, the company added.
Codim 2 operates four hypermarkets, nine supermarkets, three cash-and-carry outlets and two drive-throughs in Corsica, France.
The retail chain generated a turnover of €332 million in 2023, excluding taxes.
Property firm Rocca Group has agreed to take over all the stores, as well as all store and head-office employees.
Post-acquisition, all acquired stores will operate under the Auchan banner.
New Strategy Plan
Earlier this month, the French retail group 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, and with Carrefour on 8 February – to sell a total of 287 stores.
The company hopes to complete the sale of the remaining 76 stores on 1 July 2024. The total enterprise value of the stores sold is €345 million.
In April, the retailer noted that its first-quarter sales remained negative, but showed a slight improvement after its convenience brands reported virtually stable net sales.
On a same-store basis and excluding acquisitions, currency effects and revenue on fuel, sales fell by 3.8%, compared to a 4.6% decline in the fourth quarter of 2023.
The French company, which reported first-quarter net sales of €2.1 billion, noted that it would lay off up to 3,267 employees, in a bid to improve its financial situation, as it aims to become France’s leading convenience store retailer.
