Groupe Casino has announced the planned sale of two Géant hypermarkets in Nevers and Montauban to Groupement Les Mousquetaires, which operates the Intermarché banner.
The total value of the sale is €23.4 million, including real estate and business assets.
The two stores, which Groupe Casino said are amongst the 'least performing' in its network, generated a turnover of around €36 million, and a trading loss of €3.5 million in 2018. The agreements also include the continuation of both stores' employees' contracts.
The disposal is expected to be concluded in the first half of 2019, subject to prior consultation with the employee representative bodies, which took place on Wednesday 27 February.
Series Of Disposals
The latest announcement is one of a series of disposal announcements from Casino in recent months.
In February, Groupe Casino announced plans to sell 33 stores to Lidl and one Géant hypermarket, in Roubaix, to a Leclerc member.
It also announced plans to sell its contract catering business, R2C, to Britain's Compass, as well as another tranche of 16 stores, which include nine Leader Price and seven Casino supermarkets, to Lidl for €17 million.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.