Groupe Casino looks to sell more stores to free up cash. Credit: page Frederique via Shutterstock.com.

A consortium of French labour unions has issued a call to stage a strike against food retailer Groupe Casino over its declining commercial situation.

The labour union group, which also includes the FO, CGT, CFDT and SNGC unions, plans to stage a protest at the retailer’s headquarters on 5 December 2023.

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“Casino workers are organising,” Reuters reported, quoting the UNSA union’s post on social media platform X.

Submitting the strike notice, the consortium demanded a meeting with Casino’s management, as well as with a group of creditors led by Czech billionaire Daniel Kretinsky.

In October 2023, Casino signed a lock-up agreement to restructure its debt with creditors, who will inject €1.2bn ($1.35bn) in the form of equity.

The call for protest comes after Casino confirmed in late November that it has received expressions of interest (EOI) for its hypermarket and supermarket stores from undisclosed bidders.

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The retailer received EOIs for its 291 supermarkets, which include 60 franchises and 52 large-scale hypermarkets, Reuters reported, citing French daily Les Echos.

Casino completed the sale of the first set of 61 stores in France to Groupement Les Mousquetaires in October 2023.

In its third quarter result of fiscal year 2023 (FY23), Casino reported total net sales of €4.56bn, down -5.5% as reported and -5.3% on a same-store basis compared to the same period in FY22.

At the end of November 2023, the mass-market retailer increased its stake in e-commerce company Cnova to 98.8% with the acquisition of CBD Luxembourg from GPA.

CBD Luxembourg indirectly holds 34% of the share capital in Cnova.