Casino Group: Signing of agreements to sell stores to Lidl and Leclerc

Date : 15/02/2019 @ 07h46
Source : GlobeNewswire
Valeur : Casino Guichard (CO)
Cours : 39.04  -1.95 (-4.76%) @ 17h39
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Casino Group: Signing of agreements to sell stores to Lidl and Leclerc

                         
                                        

February 15, 2019

The Casino Group and franchisees have signed agreements to sell certain Leader Price and Casino supermarkets stores to Lidl and
1 Géant hypermarket of Roubaix to a Leclerc member

The Casino Group announces the signature of agreements to sell a selection of integrated stores and master franchisees' stores for a total of €42 million, as part of its ongoing strategy to divest structurally loss-making stores (hypermarkets, supermarkets, Leader Price).

In the case of the integrated stores, these commitments represent a value of €25 million in sale proceeds and relate to the following:

·          17 stores (8 Leader Price, 8 Casino supermarkets and 1 Hyper Casino) to be sold to Lidl and,

·          the sale of the Geant hypermarket of Roubaix (59) to a Leclerc member with a simultaneous sale of its real estate to the owner of the shopping mall.

These 18 stores represented a turnover of €88 million in 2018 for a trading loss of
-€12 million.

At the same time, master franchisees of the Group, with which the Casino group has a 49% stake, have signed an agreement to sell 16 stores (9 Leader Price and 7 Casino supermarkets) to Lidl for a total of €17 million.

These 16 stores represented a turnover of €60 million in 2018 for a trading loss of
-€9 million.

The agreements signed provide for the continuation of these store's employees' contracts, in accordance with legal rules.

The disposals are expected to be completed in the first half of 2019, subject to prior consultation with the employee representative bodies and the fulfilment of the usual conditions precedent.


CASINO GROUP

ANALYST AND INVESTOR CONTACTS:

Régine GAGGIOLI - rgaggioli@groupe-casino.fr - +33 (0)1 53 65 64 17
Or
+33 (0)1 53 65 24 17 - IR_Casino@groupe-casino.fr

PRESS CONTACTS:

Casino Group - Direction of Communication
Stéphanie ABADIE - sabadie@groupe-casino.fr - +33 (0)6 26 27 37 05
Or
+33(0)1 53 65 24 78 - directiondelacommunication@groupe-casino.fr

Agence IMAGE 7
- 33(0)1 53 70 74 84 -
Karine ALLOUIS - kallouis@image7.fr
Grégoire LUCAS - gregoire.lucas@image7.fr

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Similarly, it does not give and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or specific needs of any recipient. No representation or warranty, either express or implicit, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice.

***


2019-02-15 - Signing of promises for the sale of certain stores



This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Groupe Casino via Globenewswire

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