Groupe Casino has sold its 51% stake controlling stake in 60 stores to Groupement les Mousquetaires, following agreements announced in May 2023.
The French retailer has also closed the sale of Codim 2 to Rocca Group, which was announced in June of the year.
Groupe Casino added that it has completed the disposals on schedule and will now focus on its convenience brands.
The retail chain will continue to operate approximately 8,000 outlets under its Casino, Vival, SPAR, Naturalia, Monoprix and Franprix brands.
Employment Protection
Despite offloading its hypermarkets and supermarkets, the retailer implemented various measures to protect the jobs of its employees.
To date, the continued operation under new banners of the 18 stores in Corsica and nearly 380 hypermarkets and supermarkets on the mainland has helped save jobs for more than 17,000 people, the company noted.
Moreover, agreements have been signed with the trade unions in the group companies under the Employment Protection Plan and validated by the authorities.
As a result, employment protection plans have been implemented in most entities, including voluntary redundancy and redeployment.
Additionally, Casino Group is continuing its search for buyers for around 20 stores and four logistics platforms that remain unsold.
Retail Asset Sales
In September, the retail group announced that it has finalised the sale of 26 retail assets for a net selling price of more than €200 million, excluding subsequent earn-outs.
The announcement follows the signing of an agreement with French investment group Tikehau Capital in June 2024, which covered a portfolio of 30 property assets owned by Casino.
The net proceeds from the sale of these assets will be used to reduce financial debt levels at Casino vis-à-vis the bondholders of its subsidiary, Quatrim, the retailer noted.
