Groupe Casino has said that it has signed unilateral purchase agreements regarding the sale of a further four stores, as it continues its asset disposal.
The stores, described by Casino as ‘structurally loss-making’, are being sold for a combined total of €24 million.
They included two Géant hypermarkets at Carcassonne Cité and Château d'Olonne, which are being sold to a Leclerc member and a private investor, respectively.
In addition, Casino is also offloading two Leader Price stores to discounter Lidl.
‘In 2018, these stores generated sales excluding VAT of €42 million and a loss in trading profit of €1.5 million,’ Casino said in a statement.
Completing The Deal
The disposals are expected to be completed in the third quarter of 2019.
This is subject to prior consultation with employee representative bodies. Casino said that under the terms of the sale, employment contracts will be retained at all stores.
In March, Casino announced the sale of a portfolio of properties to Fortress Group for €501 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.