Signing of unilateral purchase commitments concerning the sale of 2 Géant hypermarkets and 2 Leader Price stores
Paris, 12 April 2019,
The Casino Group announces that it has signed new unilateral purchase commitments concerning 4 structurally loss-making stores.
These commitments represent a total amount of 24 million euros and concern:
The Carcassonne Cité 2 hypermarket (11), with intangible business assets and real estate to be sold to a Leclerc member;
The hypermarket of Château d'Olonne (85), with intangible business assets to be sold to an experienced professional in the retail sector, whose project is to operate it under Systeme U brand, and real estate to a private investor;
2 Leader Price stores to be sold to Lidl.
In 2018, these stores generated sales excluding VAT of €42 million and a loss in trading profit of -€1.5 million.
The agreements signed provide for the continuation of the employment contracts of the stores' staff, in accordance with the law.
These disposals are expected to be completed in the third quarter of 2019, subject to prior consultation with employee representative bodies, which were informed on Thursday, April 11, and the fulfilment of the usual conditions precedent.
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Signing of unilateral purchase commitments
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Source: Groupe Casino via Globenewswire