French supermarket chain Casino will set out its new strategy in November, with heavy job cuts still likely, it noted on Monday.
The final number of job cuts could be fewer than 3,000, depending on the outcome of takeover negotiations currently under way, the company announced in a statement.
‘Sale negotiations are still in progress for several sites,’ it noted, adding that the total number of redundancies will not be finalised until November.
Restructuring Plan
Now owned by Czech billionaire Daniel Křetínský, Casino launched a restructuring plan in April, resulting in the sale of about 350 outlets since the end of 2023.
In July, the retailer announced that implementation of the recovery plan could result in up to 3,267 job losses.
The French group, shares in which have plunged by 96% since the beginning of the year, owing to reverse stock-split transactions and share capital reductions, noted that it still has 24 stores to sell.
Voluntary Redundancy
On its website yesterday, the company noted that support measures are already under way to reduce the number of forced redundancies at head offices, stores and warehouses.
‘Voluntary redundancy and in-placement schemes are being implemented so that not all job cuts will result in layoffs, the number of which will be significantly lower than the number of jobs that are eliminated,’ read the statement.
‘As part of the voluntary redundancy process, which has been completed or initiated in most of the companies concerned, 230 proposals have already been approved for projects involving permanent employment, business start-ups or retraining.’
Additional reporting by ESM.
