Business

Casino Sells Corsica Stores to Auchan and Rocca, Keeps Staff

Jun 22, 2024 1 min read

Jump to Summary

Casino Group has entered into an agreement with Rocca Group and Auchan Retail France to sell its Corsican subsidiary, Codim 2. This transaction is part of Casino Group's broader effort to restructure its debt and raise funds. The sale is expected to proceed following consultations with employee representative bodies and approval from the relevant competition authorities. Rocca Group will take over all 18 Codim 2 stores, which will be rebranded under the Auchan banner, and all employees will be retained.

This move comes amid Casino Group's ongoing financial difficulties, with the company aiming to reduce its debt by €6.1 billion. Additionally, €1.2 billion in equity was injected into the company through contributions from a consortium led by Daniel Křetínský, along with secured and unsecured creditors. The restructuring plan seeks to benefit all stakeholders, including customers, employees, partners, and franchisees, while also safeguarding jobs and supporting the development of Casino's brands. The financial details of the deal have not been disclosed.

#finance #economy

Summary

Other news in business

Draghi Calls for €800bn EU Investment to Compete Globally

The European Union (EU) requires a more coordinated industrial policy, rapid decision-making, and significant investment to remain competitive with the United States and China, according to a report by former European Central Bank chief and Italian Prime Minister, Mario Draghi. The report, commissioned by the European Commission, calls for an

Lilly Promotes Lucas Montarce to EVP and CFO

Eli Lilly and Company (Lilly) has appointed Lucas Montarce as its new executive vice president and chief financial officer (CFO), effective immediately. Montarce, who joined Lilly in 2001, has held various finance leadership roles, including group vice president, corporate controller, and global CFO of Lilly Research Laboratories, Lilly International, and

Methanex Acquires OCI's Methanol Business for $2.05 Billion

OCI Global has entered into a binding equity purchase agreement to sell its Global Methanol Business to Methanex Corporation for $2.05 billion. The transaction will be settled through a combination of $1.15 billion in cash, the issuance of 9.9 million shares of Methanex valued at approximately $450

James Gandolfini Dared HBO Exec to Fire Him During 'Sopranos' Intervention

Former HBO CEO Chris Albrecht has disclosed that James Gandolfini once challenged him to "fire" him from "The Sopranos" after an intervention was staged to persuade the actor to enter rehab for his alcohol struggles. The revelation is part of the new documentary, "Wise Guy: