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(AOF) – Casino fell by 2.28% to 2.93 euros and is heading straight for a third consecutive session in the red. The struggling distributor has indicated that it will present next November its new strategy focused on local commerce aimed at improving its financial performance. The group, which has sold off around 350 hypermarkets and supermarkets, indicates that 24 stores remain to be sold today.
Of these 24 stores, 2 will be taken over, four are still the subject of discussions, while 18 stores and four logistics platforms have not yet found a buyer identified to date.
“The sale of the least profitable stores and the reorganization of headquarters activities allowing the pooling of know-how between the different brands will help put the group back on the path to profitability and ensure its sustainability,” specifies a press release from dispenser press.
Casino also provides details on its job protection plan. This initially provided for 3,267 job cuts. At the end of the ongoing negotiations on the stores to be taken over, the number of job losses could ultimately be less than 3,000.
Last week, Casino announced the sale to Tikehau Capital, a global alternative asset management group, of 26 commercial real estate assets for an amount exceeding 200 million euros.
And a sign of the group’s refocusing on local businesses, changes have also been made within Casino’s governance. After the departure due to strategic divergence of Guillaume Sénéclauze, Philippe Palazzi, general director of the group, will also chair Monoprix and Naturalia, in order to guarantee the consistency of the strategic choices of these brands with the new positioning of the group.
Alfred Hawawini, previously director of strategy for the Casino group, has been appointed CEO of Monoprix. The general director of Naturalia, Richard Jolivet, who will therefore report to Philippe Palazzi, will continue with his management team “the positive recovery initiated in recent months”.
Since the start of the year, Casino shares have collapsed by 96%.
The group will publish its turnover for the third quarter of 2024 on October 31 (after market trading).
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