The retailer, which is facing major financial problems, said on Tuesday that it had sold 121 department stores, and specified that ‘the sales of the remaining 166 shops will be carried out in two phases, on 31 May 2024 and 1 July 2024’

Casino is taking another step forward in its reorganisation process. The retailer, which is facing major financial difficulties, announced on Tuesday 30 April the sale of 121 of its 287 department stores to Auchan, Carrefour and Les Mousquetaires. The transaction, for an enterprise value of €698 million, marks a significant change for Casino, which is now controlled by Daniel Kretinsky, Marc Ladreit de Lacharrière and the Attestor fund.

The details of the sale include the acquisition of 65 shops and a drive by Les Mousquetaires, 32 shops by Auchan, and 23 shops by Carrefour. These sales are part of the agreements signed in January with Auchan and Les Mousquetaires, and in February with Carrefour. As a result of the high level of debt accumulated under the previous management, Casino has had to increase the number of disposals, including the sale of almost all its department stores, a core business for the company.

The disposal process will continue with the remaining 166 shops, scheduled to be sold in two phases on 31 May 2024 and 1 July 2024, according to the press release. While this restructuring is causing concern among employees, Casino asserts that the three buyers have undertaken to take over all employment contracts associated with the shops sold, as well as to maintain collective benefits for a minimum period of 15 months after the sale.

For employees not affected by these sales, the future remains uncertain. A reorganisation plan presented last week envisages a reduction of between 1,300 and 3,200 jobs at Casino. The number of shops and warehouses that can be taken over between now and September will determine the final scale of these adjustments.