Groupe Casino has announced the signing of a unilateral agreement to dispose of four structurally loss-making stores:
- The two Géant Casino stores, Carcassonne Cité 2 and Château-d'Olonne, with intangible business assets and real estate will be sold to Leclerc;
- The Château d'Olonne hypermarket, will be sold to be operated under the Système U brand, and the associated real estate will be sold to a private investor;
- Two Leader Price stores to be sold to Lidl.
The four stores combined generated a total turnover of EUR42 million in 2018 for a trading loss of EUR1.5 million. The above-mentioned disposals are expected to be completed in Q3 2019, subject to requisite approvals. The retailer mentioned in its FY2018 results an additional sale of 10 Géant Casino outlets before June 2019, meaning eight stores still remain on the market.
Source: Groupe Casino