Paris, 24 July 2019,
The Casino Group has signed new purchase pledges as part of its strategy to dispose of structurally loss-making stores (hypermarkets, supermarkets, Leader Price stores).
The pledges represent total proceeds of €42 million and concern:
- The sale of the real estate and business of the hypermarket in Marmande (47) to an experienced retailer that intends to convert the store to the U banner.
- The sale of the real estate and business of the hypermarket in Onet-le-Chateau (21) to an associate of the Système U network.
- The sale of the real estate and business of the hypermarket in Béziers (34) to a Leclerc member.
Together, these stores represented net sales of approximately €76 million in 2018 for a trading loss of around €2 million.
The signed pledges provide for the transfer of the employment contracts of the stores’ employees to the buyers in accordance with French rules. The transactions are expected to be completed at the end of 2019, after the prior consultation of employee representatives and fulfilment of the customary conditions precedent.
ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – +33 (0)1 53 65 64 17
+33 (0)1 53 65 24 17
Casino Group – Direction of Communication
Stéphanie ABADIE - email@example.com - +33 (0)6 26 27 37 05
+33(0)1 53 65 24 78 - firstname.lastname@example.org
Agence IMAGE 7
Karine ALLOUIS - +33(0)1 53 70 74 84 - email@example.com
Grégoire LUCAS - firstname.lastname@example.org
This press release was prepared solely for information purposes, and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.