Groupe Casino Completes Sale Of Eight Stores For €39 Million
French retailer Groupe Casino has completed the sale of a total of eight stores, including three hypermarkets, four Casino supermarkets, and one Leader Price outlet.
Hypermarkets in Cholet, Roubaix and Rennes were offloaded to E.Leclerc members, while the four supermarkets and Leader Price store were sold to Lidl, Casino reported.
Casino received a total of €39 million from the transactions. The amount received from loss-making store disposals to date has amounted to €134 million, which has resulted in an improved trading profit of €24 million, the group announced.
Casino added that other disposals are ‘continuing according to plan’.
The hypermarket disposals are separate from the group’s plan to offload €2.5 billion worth of non-strategic assets, it reported.
It noted that the Géant banner is continuing to implement its strategic priorities, including the development of digital synergies (the deployment of the Casino Max application and Cdiscount corners) and the expansion of its organic offering.
Yesterday, Casino announced that it had completed the sale of R2C, its food services subsidiary.
© 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.