France’s Casino Group To Sell Six Stores To Rival Leclerc
French supermarket retailer Casino, in the process of divesting assets to cut debts, has agreed to sell six of its 'Géant' hypermarket stores to domestic rival Leclerc for €100.5 million.
"Reducing these losses will contribute to the group's growth objective in trading profit in the France retail segment," Casino said in a statement on Saturday.
Last week, Casino reported a slight slowdown in revenue growth during the fourth-quarter as anti-government protests in France impacted its business, although Casino kept its overall financial targets.
"There was also some impact at Monoprix and Franprix due to demonstrations on Saturdays and a reduction in tourism in Paris at the end of December, and finally a slight impact in Supermarkets where around 15% of the stores were somehow affected,” chief financial officer David Lubek said of the protests.