France-based mass-market retailer Casino has signed a memorandum of understanding (MoU) with fresh food retailer Prosol for a partnership proposal in the fresh produce market.
As part of the MoU, Prosol will introduce its "Fresh" concept and knowledge of fresh produce to suitable Groupe Casino hypermarkets and supermarkets.
Prosol will also bring its "Fresh" expertise to certain stores under the Monoprix brand.
Prosol specialises in fruit and vegetables, dairy and creamery products, fish, meat and more.
In a statement, Groupe Casino said: “The parties aim at entering into principle agreements to implement this partnership no later than 24 July 2023.”
Reuters recently reported that the French supermarket chain set a deadline of 3 July for offers to boost its equity base as it works on a debt restructuring,
Late last month, Casino announced that it needs at least €900m ($982m) of equity contribution to carry out its restructuring plan.
The retailer received €1.1bn in bid proposals from two parties, including French billionaire Xavier, who teamed up with investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The other party is led by billionaire Daniel Kretinsky.
The retailer also decided to sell its residual equity stake in Brazilian retailer Assai to strengthen its liquidity.
Groupe Casino operates multiple supermarket and retail brands such as Géant Casino, Casino Supermarkets, Monoprix, Franprix, Leader Price, Spar and Vival.
