French retailer Groupe Casino has announced the sale of 66 stores to Groupement Les Mousquetaires and Auchan Retail France.
The enterprise value of the stores sold is €213 million, the retailer noted.
Earlier this year, Groupe Casino agreed to sell 287 stores to Groupement Les Mousquetaires, Auchan Retail France, and Carrefour.
The retailer has already sold 211 stores to the three retailers, as part of the agreements, with this latest announcement related to the remaining 76 stores.
Groupe Casino, which since March has been under new ownership, also added that it has sold its controlling 51% stake in five hypermarkets to Groupement Les Mousquetaires.
Since 30 September 2023, Groupement Les Mousquetaires has held a 49% stake in these hypermarkets.
The Deal
Groupement Les Mousquetaires and Auchan Retail France will take over all the employment contracts of employees of stores and service stations that were part of the agreement.
The retailer will continue to offer the provisions and benefits enshrined in the Casino collective statutes for a minimum period of 15 months from the date of completion of the transfer of ownership.
Groupement les Mousquetaires and Auchan Retail France have agreed to encourage Groupe Casino employees to apply for available positions or offer them the chance to become store managers.
In April of this year, Groupe Casino 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% compared with a 4.6% decline in the fourth quarter of 2023.
