Groupe Casino has announced it plans to simplify its corporate structure by regrouping all its food retail businesses in France, including Franprix, Monoprix, Distribution Casino France, Easydis and AMC, into a single holding company.
The new holding company will be 100% held by Casino, Guichard-Perrachon, and will also 'increase the legibility' of the overall business, the group said in a statement.
Financial Reporting
It noted that its financial reporting segments and management structure would not be modified under the new corporate structure.
Groupe Casino intends to inform the relevant employee representative bodies about its plans, and engage in consultation with them in accordance with the applicable legal requirements.
It intends to complete this planned corporate simplification process by the end of 2022.
GreenYellow Sale
In May, Casino announced a process to sell its renewable energy unit GreenYellow, which is valued at around €1.5 billion. It is understood to have received four preliminary offers for the unit, and is seeking to seal a potential deal by the end of this year.
Casino, which also recently reported reported that group sales had returned to growth in the first quarter, has also embarked on selling off non-core assets to cut its debt in recent years.
Same-store sales across its network were up 3.2% during the quarter, an improvement on the 0.4% decline it reported in the final quarter of last year.
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