The Casino Group has signed new purchase pledges as part of its strategy to dispose of structurally loss-making stores (hypermarkets, supermarkets, Leader Price stores).
The pledges represent total proceeds of €42m and concern:
- The sale of the real estate and business of the hypermarket in Marmande to an experienced retailer that intends to convert the store to the U banner.
- The sale of the real estate and business of the hypermarket in Onet-le-Chateau to an associate of the Systeme U network.
- The sale of the real estate and business of the hypermarket in Beziers to a Leclerc member.
Together, these stores represented net sales of approximately €76m in 2018 for a trading loss of around €2m. The signed pledges provide for the transfer of the employment contracts of the stores’ employees to the buyers in accordance with French rules. The transactions are expected to be completed at the end of 2019, after the prior consultation of employee representatives and fulfilment of the customary conditions precedent.
