Casino Group: Signing of purchase pledges for the sale of 6 Géant hypermarkets to Leclerc members
19 Janvier 2019 - 8:00AM
January 19,
2019
Signing of
purchase pledges for the sale of 6 Géant hypermarkets to Leclerc
members
Casino Group today announced that
it has signed agreements to sell 6 hypermarkets in France to
Groupement E. Leclerc for a combined consideration of €100.5
million.
The hypermarkets are located
outside the Paris region in the towns of Castelnaudary (11), Saint
Grégoire (35), Dole (39), Cholet (49), Anglet (64) and Castres
(81). Members of Leclerc expressed an interest in them when the
Casino Group announced its intention to dispose of a certain number
of structurally loss-making stores (hypermarkets, supermarkets and
Leader Price).
The agreements provide for the
continuation of the employment contracts of the stores' staff, in
accordance with the law.
The stores are among the least
performing in the network. They represented combined net sales of
around €150 million in 2018 and a total trading loss of around €8
million.
Reducing these losses will
contribute to the Group's growth objective in trading profit in the
France Retail segment.
The disposals are expected to be
carried out in the first half of 2019, subject to prior
consultation with the employee representative bodies, which were
held on Friday 18 January, and the fulfillment of the usual
conditions precedent.
The Casino Group has specified
that the hypermarket disposals do not form part of the
non-strategic asset disposal plan announced on 11 June 2018. In
parallel to reducing its exposure to loss-making stores, the Géant
banner will continue to act on its strategic priorities by focusing
its development on digital synergies (roll-out of the Casino Max
app and Cdiscount corners) while broadening its organic product
offering, thereby sustaining a process already under way in 2018,
which enjoyed a solid sales performance (same-store net sales
growth of 1.9%).
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
Karine ALLOUIS - kallouis@image7.fr
Grégoire LUCAS - gregoire.lucas@image7.fr
- 33(0)1 53 70 74 84 -
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.
***
2019-01-19 - Signing of purchase
pledges
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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