1. News
July 1, 2019

Casino completes sale of 30 stores to three major retailers

French retailer Casino Group has concluded the sale of its three hypermarkets, 11 Casino supermarkets and 16 Leader Price stores.

French retailer Casino Group has concluded the sale of its three hypermarkets, 11 Casino supermarkets and 16 Leader Price stores.

The stores were acquired by three major retailers in a transaction valued at €58m ($65.66m).

Earlier this year, the supermarket chain signed purchase agreements with the members of cooperative society and hypermarket chain Groupement E. Leclerc, along with Groupement des Mousquetaires and Lidl.

As part of these agreements, Casino sold the hypermarket of Dole to Leclerc; and the hypermarkets of Nevers and Montauban to Groupement des Mousquetaires. Hennes & Mauritz (H&M) has extended its global partnership with payment provider Klarna to offer frictionless checkout in the US.

“The other disposals are continuing according to plan, with Casino Group reminding that these hypermarket disposals are separate from the plan to sell non-strategic assets.”

Casino Group spokesperson said: “The other disposals are continuing according to plan, with Casino Group reminding that these hypermarket disposals are separate from the plan to sell non-strategic assets announced on 11 June 2018 and extended to €2.5bn on 24 March 2019.

“In parallel with these reductions in sources of losses, the Géant banner is continuing its transformation, in line with its strategic priorities, by focusing its development on digital synergies (deployment of the Casino Max application and Cdiscount corners) and by expanding its organic offer.”

Last month, Casino signed a unilateral purchase agreement to sell six of its ‘structurally loss-making’ stores.

The French retailer also completed the sale of its three hypermarkets to the members of Leclerc for €38m ($42.30m), in May this year.

These acquisitions are part of a deal signed by Casino, in January this year, to sell six hypermarkets in France, for a total consideration of €100.5m ($114.40m).

The three hypermarkets are located outside Paris, in the towns of Castelnaudary, Anglet and Castres.