Groupe Casino has completed the sale of 121 stores to Groupement Les Mousquetaires, Auchan Retail France and Carrefour.
This transaction is based on an enterprise value of €698 million, the retailer noted, with Groupement Les Mousquetaires acquiring 50 supermarkets, 15 hypermarkets and one Drive outlet.
Auchan Retail France bought 15 supermarkets and 17 hypermarkets, while and Carrefour acquired 13 supermarkets and 10 hypermarkets.
Groupe Casino had agreed to dispose of a total of 287 stores to the three supermarket groups earlier this year.
The disposal of the remaining 166 stores will occur in two stages, on 31 May 2024 and 1 July 2024, respectively, the company added.
The Deal
Groupement Les Mousquetaires, Auchan Retail France and Carrefour have agreed to take over employment contracts of employees assigned to the transferred
stores and service stations.
For employees assigned to the stores, the companies will maintain the provisions and benefits resulting from the Casino collective statutes for a minimum of 15 months from the date of completion of the transfer.
In addition, the three companies have also undertaken to encourage Groupe Casino employees to apply for available positions, or to offer them the chance to become store managers.
Transformation Plan
Groupe Casino has announced details of a new 'transformation plan', which will see it focus more on the convenience channel, cut jobs, and sell underperforming stores.
The supermarket operator said 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% in the period, compared with a 4.6% decline in the fourth quarter of 2023.
