Groupe Casino has entered into exclusive negotiations with Auchan Retail France and Rocca to sell its Corsican subsidiary, Codim 2.
Codim 2 operates four hypermarkets, nine supermarkets, three cash-and-carry stores and two drive-through outlets in Corsica, the company noted.
The retail chain generated a turnover of €332 million in 2023, excluding taxes.
Casino added that it intends to conduct these discussions in the best interests of Codim 2 and its employees, as well as its local partners.
The French retailer seeks to ensure that all activities, employees and support functions of Codim 2 would be taken over and operated under the Auchan banner.
The proposed sale will be submitted to the employee representative bodies involved, as well as the competition authorities, the retailer noted.
Casino’s New Strategy
Earlier this week, new Casino CEO Philippe Palazzi stated that the company’s new leadership will detail its strategy plan to revive the French food retailer towards the end of the year.
Casino, France’s seventh-largest supermarket group by market share, was brought to the verge of default after years of debt-fuelled acquisitions and a declining market share.
Recently, the company 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.
In May, Casino sold a tranche of 121 stores to Les Mousquetaires, Auchan Retail France and Carrefour. Les Mousquetaires acquired 50 supermarkets, 15 hypermarkets and one Drive outlet, Auchan Retail France bought 15 supermarkets and 17 hypermarkets, and Carrefour acquired 13 supermarkets and ten hypermarkets.
