Casino to Sell Six Stores to Leclerc for About 100 Million Euros
- Retail group announces pact to sell non-performing stores
- Casino’s 4Q sales best estimates despite social unrest
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Casino Guichard-Perrachon SA agreed to sell six loss-making Géant hypermarkets across France to current grocery-market leader Groupement E. Leclerc for 100.5 million euros ($114 million.)
The stores, located outside Paris, are “the least performing” in its network and accounted for a total trading loss of about 8 million euros in 2018, Casino said in a statement on Saturday. The disposals are expected to be carried out in the first half of this year and will provide for the continuation of the employment contracts of the stores’ staff.