French retail group Casino has confirmed its plans to sell all of its eponymous hypermarkets and supermarkets. In addition, the retailer wants to transfer all of its integrated convenience stores to independent franchisees.
Unions outraged
Casino’s management (and the consortium around Czech billionaire Daniel Kretinsky that will take over the company) have confirmed that they intend to divest all 67 hypermarkets and 441 supermarkets. Moreover, the group will divest some distribution centres, offloading 20,000 employees in the process. The retailer says it wants to focus on the enseignes Monoprix and Franprix, confirming the group does still see a future in the convenience store segment.
Earlier this month, it was announced that Auchan and Intermarché made a joint bid of a billion euros for the 508 Casino stores. E.Leclerc and Lidl may also be preparing a joint bid.
Meanwhile, the unions are outraged at the turn of events and have written a letter to French President Emmanuel Macron, asking him to intervene. According to the letter, which can be read on LSA’s website, the situation is “dramatic” and buyer Daniel Kretinsky’s project is no longer credible..
